The economy is still strong in consumer spending and in manufacturing. There is some risk to inflation, so bond yields should still go up.

Yields will have to go up for the auctions to do well. They are too low, I don’t want to get in at these levels.

We are seeing inflationary pressures in labor costs and energy prices and there is a possibility of the Fed raising rates three more times this year. With that scenario in mind, there’s no way we...

With the economy doing very well, the risks of the Fed hiking rates are even higher. We have no interest in buying Treasuries. It is not the right time.