People are convinced there isn’t robust demand by consumers.

The combination of strong growth in the U.S., euro zone and Japan at the same time is bearish for bonds, so it is not surprising that yields in all three regions have either just broken...

The U.S. economy is doing quite well. There is an appetite for dollars.

It dawned on the market that it was conceivable that there was more to the story than met the eye. And then you’re in a difficult situation.