Reality Suspended in Rise of 10-Year Yield

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10-Year U.S. Note Yield Up Over 40 Basis Points
1/24/2007 12:18 PM EST

Now above 4.81%, the yield on the 10-year U.S. note is up over 40 basis points in the past few months. We have now made up half of last year's second-half decline in yields.

Thus far, this weakness has had zero impact on other asset classes -- even though it has been accompanied by the markets' no longer expecting a federal funds rate cut. ...