Last week was quiet, eh? In financial markets — that was certainly so, as the great freeze continues. The mortgage-driving 10-year T-note stayed in a band 2.14-2.21 percent (too tight to call it a “range”), leaving mortgages unchanged near 4.00 percent. The stock market is even deader, the S&P500 trading between 2426 and 2438. The US 10-year T-note in the last year, wobbling down. Make sense of this. All in one week we had: James Comey (written testimony and also live), the U.K. in chaos (Brexit backlash, Theresa May not long for office), the Gulf states’ dangerous spat with Qatar (a Middle East crisis) and falling oil prices. Maybe none of this matters to markets, or it’s all too overwhelming to process? The US 2-year T-note, the Fed-predictor — grudgingly rising. Maybe the frozen U.S. economic agenda has iced markets? Or maybe we’re all just sitting around, waiting for the Fed on Wednesday. Data from the Fed This week’s only meaningful economi…
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