The U.S. will add more jobs and I expect that will support the view that the Fed will go to 5 percent. There's enough momentum to take bond yields higher.
The U.S. economy is doing okay and you have global growth doing fairly well. That's encouraging yields higher. A 5 percent yield in 10-year Treasuries represents fair value.
We still expect Treasury yields to move higher. The rise in oil is starting to be a concern once again.