Most real-money customers are content to be slow to buy. They don't feel like the market's going to get away from them on the upside.

Yesterday it sounded like a library here. We did decent business, but it was spotty. You'd do a chunky trade, and then nothing for two hours.

I don't want to get overly bearish. But we're getting a ton of supply, and not just Treasuries.

We were a little bit aggressive too early, trying to say the Fed is done. Now the data is continuing to show some strength.

In the last couple of weeks the dollar has gone into free fall and our market doesn't like it.