What this means is housing is not falling off a cliff like everyone says, it's doing fine, and what this means is the market should listen to what Federal Reserve officials are saying and that is the market is doing fine.
If you get an unchanged statement that will lead people to price in the next rate hike and maybe another one. It's hard to be a buyer of Treasury notes if the Fed is going to keep raising rates.
If rates are rising worldwide, that makes our bond market less attractive. I think rates are going to have to go higher to continue to attract funds from overseas.
