A lot of today's trade is based off the stock market.

The data gives investors hope the Fed won't have to stay aggressive too long.

A little sell-off today should not be surprising in front of such an important report.

The headline number came in a lot weaker than expected, but when you comb through all the revisions, you come down in line with expectations. The momentum in February is clearly weaker.

Most people think the Fed is on hold so the rest of this month's data is not quite as important.

The Fed is remaining vigilant against inflation, which helps 10-year notes and 30-year bonds. But two-year notes still have to deal with the likelihood of higher interest rates this year.

A 25 basis-point (one-quarter percentage point) move is very likely and is the most likely outcome.

There's a lot of focus in the bond market on oil. It's been such a hot story because of people's fears of higher inflation.