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Trying to bet on the strength of the American economy without betting on rising interest rates has become an impossibility for the moment.

You get good jobs numbers and that means interest rates fly, which means housing stocks get hammered until we see if people still buy homes if mortgage rates go to 5%.

So what do people do? They have lots of other places to go besides housing and they are going to them. First, they are going to banks because of the net interest margin hope (it won't be this quarter, but people are willing to look forward). They are going to aerospace. They are going to autos. And they are going to consumer spending, which is a little odd because that had been linked to housing, but now seems to have disentangled.

But you have to stick with those groups as the 10-year struggles to find its level on the next piece of data because I do not believe this jobs number can take us past 2.8%, let alone to 3%. 

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