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Bloomberg: This recovery is special, whatever bond yields say

Believe the Hype (This Time, at Least)
There’s a lot of suspicion of daily economic journalism, much of it justified. People like me have to find something to say about markets and the economy every day. There are moves in markets throughout the working week, and new data most days. When everything else is quiet, there is an inevitable tension to over-hype changes that don’t matter that much. This is a temptation that all economic journalists must try to resist.
One problem with the over-excitability about daily data is that people might not realize when something astonishing really has happened. So, to be clear: this week’s data from the U.S. are something very special. We knew a recovery was going on, and we could guess that repeated stimulus would juice it a bit, but the data confirm an amazing rally.

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