The Debt Deal's Big Winner: Rates

In the wake of a purported debt deal, rates are falling, which is usually good news for both consumers and mortgage bankers. But how much new business will result from a 2.74% yield on the benchmark 10-year Treasury? (Does a debt downgrade even matter?) Now that our political leaders have begun their hike down the road of 'less government is better' how fast will this 'good news' translate into new private sector hiring? New hiring, in theory, should spur the consumer market, including home purchases. One thing is for certain: the U.S. government will not be spending money to stimulate the economy. Its ability to spend has been vaporized. As for the job market, I'm sticking to my theory that employment will be mostly helped by this one demographic fact: Baby Boomers are now retiring and will continue to do so. These 'open' positions have to be filled by someone…