If that's what this is, it might be a good time to step up and buy.
The market shouldn't have trouble absorbing the new supply.
The Fed is in data-dependent mode, and we've gotten a string of data that shows a lot of strength.
They seem too rich at this particular point. There's a scarcity premium stuck onto the 30-year right now, and I'd just as soon avoid it.
We anticipate the Fed will continue to raise rates at least at the next two meetings. The report doesn't necessarily show signs at this stage of the kinds of declines in housing that a lot of pessimistic people have been discussing.
When 10-year notes drift up to 4.80 percent, that will be a buying opportunity for some people.
