'The Crunch' is on the loose

Mortgage rates are a hair lower, under 6.75 percent now, but spreads to Treasurys have widened despite overt Treasury backing of Fannie and Freddie.

There is a three-track story unfolding today: the U.S. economy, the ex-U.S. global economy, and The Crunch. To maintain clarity and composure, keep 'em separate!

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