The bond market had a glorious pre-Fourth of July, celebrating a record volume of financing with the lowest interest rates in almost 13 years. There's no reason to think this jubilee won't continue all summer.

A week ago, President Bush spoke to a group of Republicans in Detroit and said he was tired of hearing that the economy is not getting better when he is sure that it is. On Thursday, however, the federal government reported that unemployment rose, nonfarm payrolls dropped, durable goods orders declined, and factory orders were down.

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