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I don't agree with much of Wolf's worldview as he remains a Keynesian.
Bonds dropped a half point this last week and mortgage rates went up by the same amount, due, I think, to the news about unemployment being down, however inaccurate that figure might be.
The last FOMC statement is pretty clear that an interest rate hike is coming. Market is pricing 7% probability of a rate hike at the May 4 meeting, 27% by June 29/30 and 57% for the August 10 meeting. This is up from March.