By Monday’s close, it looks like the sharp upward move in rates that began in earnest after Memorial Day has run its course. A combination of factors has acted to hold 10-year yields under the 4% level; in addition to a re-assessment of economic prospects going forward, the inflation data (Producer and Consumer prices) has remained friendly toward bonds, and equities have come off their recent highs. (The S&P 500 index has dropped 5.5% from its recent peak, which was recorded on June 12th...