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STOCKS RALLY, BONDS YAWN

As we’ve seen all week the bond market continues to yawn in the face of the huge moves in equities.  LIBOR was flat again today, the TED spread moved up 2%, the spread between fannies and treasuries jumped 3.4% and the CMBS market moved down marginally.  If things were genuinely improving in the economy and the lending markets we would be seeing far more action than what we’re getting.

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