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January 16, 2015

Lower mortgage rates, courtesy of the gnomes of Zurich

A policy change by the Swiss National Bank has addled markets and governments worldwide. How to explain that your lower mortgage rate is courtesy of the Gnomes of Zurich? The 10-year T-note has bottomed at 1.72 percent, down more than a half-percent since Christmas. But 10-year Ts have decoupled from…
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