One economic indicator I follow is the 10-year Treasury Note. Sure, it's not glamorous like the other major indicators, but it gives me a sense of two things: government concern about inflation and economic growth. Therefore, the recent breakout from a 4-month plateau caught my eye [I keep a little T-Note "widget" on my iGoogle homepage]. I'm sure you can give me all sorts of reasons why this make no sense, but all I know is that for all of the talk about economic growth coming... and soon to coming... and maybe coming last year, the T-Note trend said something else.
I don't see any real worries about the Fed bumping interest rates yet, but if that line goes up at 20° or so, we might want to look for a lot more positive news about the economy. Just my opinion.
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So, it will be interesting to watch whether this is really a positive change or another blip without basis.