Today’s payroll flop — only 20,000 real jobs created in May — will take some time to settle all the way in. Immediately: 10-year T-notes are 3.22% (from 3.36% yesterday and 3.99% six weeks ago), and mortgages right at and some below 5.00%. The payroll report has confirmation: new unemployment has held high for five [...]

The Markets Five little “PIIGS” went for a boat ride. The weather turned very stormy and “G” got tossed overboard without a life jacket. Shortly thereafter, “P” and “S” found themselves overboard and drowning in the water, too. Unable to mount an effective rescue, the other shipmates radioed for help. Fortunately, “EU” and “IMF” were [...]