Slow But Sure

"You can't expect an enormous volcano with three tiny bags of explosives. You have to let nature take her course. Give it time. It'll work."
--Miller (Force 10 From Navarone)

Short rates closed the week at their highest levels in nine years.

Higher short term rates serve to curb near term credit markets. They also boost attractiveness of CDs and other low risk, cash-like instruments vis-a-vis riskier yield-bearing securities such as dividend-paying stocks.

Slowly but surely, higher short rates are altering the competition for capital.

position in SPX