Who Moved the Cheese...

Dogs... always dogs...

Dear Fellow Expat:

Most of America woke up this morning to headlines about the potential for nuclear war. 

My concerns today are closer to home... though almost as explosive.

Last night, my daughter left out a jar of parmesan cheese on the living room table. 

Now, I'm taking the dog for walks every 20 minutes...

I didn't move the cheese. But I'm still responsible for how accessible it was.

That's similar to the role of the Federal Reserve, the U.S. central bank.

Over its past two meetings, the Fed cut its federal funds rate by 75 basis points. 

Yet, the 10-year Treasury bond—before the latest Russia/Ukraine escalation—pushed higher toward 4.4%.

The current state of interest rates and the bond market is baffling to investors... And to potential homebuyers trying to figure out why mortgage rates are climbing. 

If you're a homeowner or someone who wants to buy a home, there's only one thing the Fed can do to drive down the price of housing. 

But much like the dog getting into the cheese, you won't …