There's a very strong short base in the two-year, as well as the potential for the auction to be postponed.

The market is taking this to mean they're on the verge of pausing. Other officials have been saying this for some time, 'we're close, we're close, this is the eighth inning,' but when it comes right from the horse's mouth, there's a lot more credibility.

We believe they'll hike rates at least one or two more times. Expectations the Fed will be vigilant in containing inflation are likely to further flatten the curve.

The market has been looking for the housing numbers to show signs of cracking. We're seeing some buying in the long-end because of these numbers.

It was a very strong auction.

It must be that for them, the payment of the tax is minor compared with the potential profits to be made.