Extraordinarily Unprecedented

Bank lending for commercial and industrial loans surged 6.6 per cent since May 5, the month before the Fed began tightening. Mergers and acquisitions in this year's first six weeks reached the fastest pace since 2000. Housing starts unexpectedly rose 4.7 per cent in January to a 21-year high after a 14 per cent surge in December. The 30-year fixed-rate mortgage two weeks ago dropped to a 10-month low of 5.48 per cent.