Josh Stiles Quotations

We saw moderation in the indices on prices paid, employment, and six-month business conditions outlook. That offset the impact of the headline number.

It looks like it may be fairly lacking in volatility for the next few days, (with yields) struggling around six percent, ... But I think that some of the bigger players are going to be selling when the bond dips below 6 percent, because they see down the road that the Fed's going to be tested again and again about the imbalances in the economy which haven't gone away.

The market took the report in context -- which is that it is often distorted by aircraft orders. It didn't really ignite the bond bulls that the headline number was down so much.

The market's starting to look further ahead. There seems to be the sentiment that the economy will cool and the Fed (once it hikes interest rates later this month) will be done.

The bottom line is, agencies will maintain their highest credit rating. Agencies are looking like pretty good value.

A lot of Friday's action was due to short-covering after the labor report looked weaker than people had expected. But the upcoming supply forces people to question whether they really want to endorse these lower yield levels.

We don't look at this number and say it's the end of manufacturing strength. Still, it hasn't hurt the bond market.

The new weakness, which is probably related to the hurricane and oil, definitely set in. But this number was a classic dilemma for the market, because the prices paid really rocketed higher.

There are fears the data will be strong and Greenspan will lay the groundwork for tightening. In that environment, how do you bring in buyers?

This is always a difficult number for the market to deal with.