His intentions were not very clear but there is a sense of disappointment in the market, considering some people were thinking the recent spikes in the short to intermediate sector of the yield curve were overdone.
Yields are high enough to attract some buyers. Yields are probably near their highs for the next two or three months and already reflect the outlook for a gradual economic recovery.
The five-year notes became cheaper against the 10-year bonds on the yield curve.
Considering the strong demand among people in the market, 10-year yield won't stay above 1.6 percent for a long time. Even if it reaches it, it won't probably hold for a long time.
Twenty-year bonds have risen too far given the auction tomorrow. Traders are likely to try and back up the yield to closer to 2 percent for the auction.