The Fed is erring on the side of fighting inflation and is willing to risk slower growth.
We are probably in the process of revising our first-quarter GDP estimate up again after we moved it up last week to 4.7 percent.
There will be fairly good demand for the 30-year bond.
There are some fears about inflation but people are even more concerned about what's happening in the corporate credit market.
For the last two days [Treasury prices] have slowly been grinding higher and that was basically erased this morning in about 15 minutes after the durable goods data.
There are probably some rate locks coming off.
He opened the door a little bit to a Fed pause, and to the chance that maybe the economy hasn't been quite as strong as he had been saying.
People are getting defensive, setting up for payrolls. We live from payroll to payroll, and the market fiddles around in between.
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