NEW YORK ( Real Money) -- The amount of fretting that's been done about the Federal Reserve and stimulus tapering over the last two years is astounding to me, as it should be to you, after this continuing monster decline in U.S. interest rates.
It's like the whole stock debate got hijacked by those who report on the Fed's every move, when it turns out that bonds are actually taking a natural ebb and flow right now, unmoored by actions of the central bank.
Think about what happened Thursday while 10-year interest rates went back to the 2.777% level. First, we got existing-home sales that showed tremendous growth -- much more than what most people thought, despite attempts by some to call the numbers anemic. Those attempts have been made on every piece of data, pretty much from the bottom. It's another shameful distortion, but let's save that for another day.
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