Updates on extending the 2003 tax cuts, and the avian influenza theme.
The big move down in bonds reflects both shifting Fed expectations and growing inflation worries.
When infected birds show up on US soil this year, it will be a further windfall for biotech companies.
It's good that there's nothing restrictive about a 5% funds rate -- because the Fed is going even higher.
Does the Fed chair mean it when he says that maximum employment and price stability are compatible?
Savings, in decline for two decades, is a sign of risk aversion. Wealth, at all time highs, is a sign of growth.
Chances for extension of the 2003 tax cuts have gotten better -- and markets are beginning to see it.
The 30-year gives bond investors a new way to mis-play the inverted yield curve.