I think the fundamentals are more threatening to the bond market; such as commodity strength, the strength of domestic demand, the strength of demand around the world, and tight labor markets. So, there are plenty of things for the bond market to get worried about.

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

is going to hurt the bond market more.

There's concern for how the stock market has done recently. I do think bond traders have their eye on the stock market.

The Chicago PMI sent us back to near the lows, though we had seen the bond market handling some heavy selling before then,