> The Fed’s hike Wednesday and its new projections are expected to ripple through the economy, sharply pushing up rates for credit cards, home equity lines of c

> The Fed’s hike Wednesday and its new projections are expected to ripple through the economy, sharply pushing up rates for credit cards, home equity lines of credit and mortgages, among other loans. Fixed, 30-year mortgages already have climbed to 5.23% from 3.22% early this year on the expectation of significant Fed moves. The notion that the Federal Reserve has this kind of influence over longer rates may not be correct. Have a look at the 10-year rate over many decades (click on "Max" for full range): https://fred.stlouisfed.org/series/DGS10 https://fred.stlouisfed.org/series/DGS10 Is this the curve you'd expect if the Fed really controlled rates that far out? I'm not so sure. Seems like factors well beyond the Fed's control are running the show, demographics and deindustrialization being the most likely contenders. That blip out of trend near the end is where we are today. When any chart exits a channel that long-running, it's time to pay attention and consider that the old models are broken. Those rates might be rising for reasons that have nothing to do with the whatever the FOMC thinks it wants.