Whatever the case, this falling European barometer has been a boon to US rates this year. Incidentally, it was a major boon in 2011 and 2012 as well, but it sticks out more now as it stands in starker contrast to our current average piece of economic data, not to mention the expected direction of rates in 2014. Long story short, European ‘concerns’ drag down rates in the US.

On the other side of the triangle, there’s the cliche corre