Interest Rate Limbo

What a week! There is so much to talk about, and the good news is that it is not all bad! The theme of today's e-letter is going to be : "The Games People Play". My less than sainted Dad was a games player. I have a letter on the wall over my desk from John Wayne to my Dad referring to some legendary WW II poker games. (The Duke was gloating. He won. Dad lost. But Dad made it up from Wayne's scotch horde.) Dad's dictum: "Tell me the rules and deal the cards. Just don't change the rules in the middle of the game."

Are the rules changing? Maybe. Today we look at rate cuts, bond offerings, GDP, employment, stimulus packages and a private, you will read it only here update from 10 miles from the Afghan front where the B-52s are carpet bombing. Let's jump right in.

R.I.P. 30 year bonds. Maybe.

If you have invested in my oft-mentioned favorite bond fund, the American Century Target 2025, you are a happy camper. You are up 9.5% for October, half of that on Halloween as the Treasury announced they would no longer sell 30 year government bonds. There is more to this than meets the eye, in my opinion. That being said, it was a brilliant move. It almost makes me bullish.…