The bond market isn't old and slow like the Fed; it moves very quickly and has been sending the 10-year yield and mortgage rates lower in anticipation of rate cuts.
Today's jobless claims data came in better than expected, sending yields higher again; the bond market is so far ahead of the Fed that it can sit and watch.
The growth of housing permits is a good sign for economic expansion; falling mortgage rates have helped push this data line, contributing to the current discussion.
The Fed is only now worried about a risk to labor, meaning they need to play catch-up to the quicker movements in the bond market.
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