The inter-relation of these markets is such that if Europe goes down by the extent it has, the U.S. is going to be affected.

No one's going to be keen to buy the market now with the ECB meeting looming. We're likely to get more reminders that inflation is higher than the ECB would like and they will be raising rates again in June.

Europe is clearly showing continued signs of strength and the ECB is responding to that. There is a chance yields rise from here.