The strong growth in march payroll employ-ment gave succor to the bond bears. They've been telling you that the next big move in interest rates is up, ending the rally in Treasurys that began last August. They foresee substantial business spending on inventories, equipment and software, which is supposed to propel the economy to full employment and inflation before long. So the Federal Reserve, they say, will jack up rates in anticipation, maybe before the November election. These baleful forecasters also think that foreign central banks will stop their huge buying of Treasurys. That would then push up U.S. rates ruinously.
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