Supply is out of the way, and the market is coming off some yield levels that looked attractive to investors.
With the curve having flattened for a few days in a row, people may have taken their money out of it. There's been big selling of the 30-year bond.
The data is certainly improving. We could get to much higher yield levels than we are currently at.
In the short-term, we wouldn't want to oppose this move, and it could go a little further. There's no reason to buy Treasuries at the moment.
Investors saw 3.53 percent as the top of the range in yield terms, so it was a good opportunity to do some short-term buying.
The U.K. data looks quite reasonable. The Bank of England is going to be on hold for a while.
The ECB is likely to keep preparing us for a rate increase this quarter and that will keep bonds under pressure.
The market's expecting the ECB to prepare us for a rate increase this quarter and that will keep bonds under pressure.