It's a fairly robust auction. The 46-odd percent is significantly more robust than average participation rate for last three three-year note auctions. Clearly, this continues to indicate there is fairly good overseas investor participation.

The market looks like it's stabilizing after selling off a little bit just after the sale.

The (Fed's) move was widely expected in the market.

We think the Fed is trying to manage market expectations on the pace of economic recovery and on when the Fed is likely to shift its (monetary policy) bias to neutral.

The Federal Reserve has lowered the bar on what it would take for them to lower interest rates.

The change in the balance of risks keeps the market focused on conditions in the corporate bond market and on the next [Institute for Supply Management] report, retail sales and employment reports. We think if there's any severe weakness in any of those reports, the Fed will lower interest rates at the Sept. 24 meeting.

Longer-term outlook for the Fed and should keep the long bond on the soft side.