Jim Bianco High Quotations

It's not so much what bonds need to do. The focus is stocks and what that market does. Stocks need to re-introduce the element of risk and fall 10 percent off their highs to make bonds look good.

If we were to see high wage numbers that have filtered through into higher PPI and CPI, the concerns would immediately go up that the Fed isn't going to more once or twice, but much more than that. And that would not be taken well by the markets.

The volatility that we've had in the stock market is higher than we've been accustomed to over the past several months. We've now finally broken into the range where the moves are greater than 1 percent, but as long as they're not 2 percent or 3 percent, we're not in that range where you would start to call them extraordinary.