The market is making a concession for ongoing strong data.
Market sentiment in the short end is probably more bearish than bullish -- people want to pick the end of the Fed ease cycle (and) expect Greenspan to signal things are on hold,
pretty confident the market is going to break to the upside. I think the data is going to be pretty friendly this week.
Nobody feels they have to buy the market at higher prices, at least not yet. Stocks have had a nice recovery, they're up overseas, the dollar is weaker -- so people are saying there's no real reason to buy the bond market.