It shows there is still solid underlying demand for housing and that activity this year, while slowing, is not going to collapse.

November's numbers confirm that housing activity has peaked and is now slowing.

There are reports of solid underlying demand for 30-year bonds from pension funds and insurance companies.

This should induce some slowing in housing market activity, but we expect the housing market in 2006 to be strong, nonetheless.

It's all Microsoft, ... The broad sell-off in the techs is because Microsoft spoke about [slowing] demand.

There are a lot of crosscurrents now, but falling yields might indicate that demand for credit is slowing down and that the Fed, by holding the fed funds rate where it is, is actually keeping rates all along the curve from falling to their equilibrium level, or to the level where would they would more naturally go.