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.

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

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

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

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,