The 10-year notes are reasonable to get in at these yield levels compared with a month ago.

We will see the Fed raise rates tomorrow but beyond that, it will depend on the economic data, which is pretty mixed right now. We are not buying Treasuries.

Treasuries are attractive at these levels. They are getting closer to levels that we will be interested in buying.

We cannot rule out that the Fed won't raise rates in June if the economy is still strong. We still don't want to buy Treasuries yet.

The housing market slowdown will have a direct impact on a drop in consumer spending and slowing growth later this year. This is a good time to be buying bonds with yields at these levels.