There are some fears about inflation but people are even more concerned about what’s happening in the corporate credit market.

Poole was both bullish and bearish. The market hasn’t moved much. I think we’ll be in a range around 4.75 percent level prior to payrolls.

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.

If I had $100 million to put into a single Treasury coupon security, I would be defensive and invest in two-year notes. Rates are going up, and there’s less risk in the two-year.

The Fed is erring on the side of fighting inflation and is willing to risk slower growth.

We’re approaching oversold conditions, but then we’ve been getting data that has been coming in strong and which in one way justifies this.

There are probably some rate locks coming off.

It will be hard for him to give guidance, because the Fed is not certain as to exactly where they are going and they are very data-dependent.

There is some rate-locking going on, and that’s pushing the market lower.

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.

Pressure from bunds is working its way into the Treasury market. Bunds and Treasuries are moving hand in hand.

Whether that’s bad news for the upcoming auctions depends on whether you take a cup-half-empty or cup-half-full perspective.

There is very much of a flight to quality, although by now financial markets are settling down a bit.

Since it’s broken through that, that sets a negative tone for the market.

People are getting defensive, setting up for payrolls. We live from payroll to payroll, and the market fiddles around in between.

Historically, dollar weakness does lead to higher back end rates.

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.

What they are doing is sending a signal they are no closer to the end of the tightening cycle than they were at the January meeting. We have little doubt that the new Fed is...