Quiet on the surface, still. The 10-year T-note opened last week at 2.39 percent and is finished at 2.32 percent. Mortgages remain stuck at 4.125 percent. The Dow set another record high, ho-hum, beginning Monday at 21,386, ending at 21,621 — the gain entirely within 15 minutes of the release of Chair Yellen’s peaceful semi-annual testimony to Congress. The US 10-year T-note now has no trend. Good economic data will push rates up, and poor news will push down. New economic data supported any mid-range opinion which you may like. If you think we’re slowing, you could find that. If you think we’re at growth-on-trend — 2 percent GDP — the data could make the case for that, too. The one set of data beyond argument: Inflation is tapering well short of the Fed’s 2 percent target. Yellen still argues that suppressed inflation is “transitory,” as she has during her entire four-year term. She also still argues that unemployment as low as it is sooner or later will m…
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