While U.S. economic releases last week hardly painted a positive picture of the economy, and the Euro gained sharply against the dollar, there was a couple of developments that reminded us that many economic reports are “rear view mirror indicators” are that in the big picture we are in a bear market in commodities and a bull market for the U.S. Dollar. Interest Rates Despite most analysts agreeing that the Fed will again put off raising interest rates in June, the yield on U.S. 10-year Treasuries jumped from 1.91 to 2.11 last week – that may not seem like much but it is actually a 10% move-- see Figure 1. Figure 1. ... (full story)