Of course the economy has improved slightly -- but the Fed remains bent on inflation.

There's no Q1 retrenchment of consumption -- there's a shock to investment.

An unappreciated feature rules out another "bag run" on banks.

Bernanke thinks the economy has turned the corner -- all the worse for inflation risk.

How high will the 10-year yield go before Bernanke slaps it down?

As in 2003-2004, emerging market forex indicates there are more than enough dollars.

Meet the "change" trading range -- a go-nowhere market just like the 1960s-1970s.

China's not dumping. It's Treasuries gearing up for "Black Wednesday" with the Fed.

How much more recovery can the economy take?

A record 2-10 Treasury spread shouts "inflation," but the Fed can't hear it.