Ben Bernanke vs. Mira Madeline Jones

Ben Bernanke, the Chairman of the Fed, made a speech yesterday that rocked the markets a little, in which he said nothing whatever about raising rates except that he acknowledged that the markets were watching the Fed and that he knew they needed to be careful. The Dow, as you might have noticed, has risen pretty strongly since the first of the year. That ordinarily would mean a flight out of bonds, but it hasn't meant that so far, at least not out of the long bond. That's holding our 30-year rate in the neighborhood of 6.125%.

Sorry - I had more to say, but my daughter just asked me if I wanted to watch Alice in Wonderland with her. It's evening. I belong to her for now.

This can wait.

Cj