If the economy keeps growing at a faster pace, the Fed may need to boost rates for longer than what markets are currently expecting. I think that's what the stock and bond markets are reacting to right now.

Oil is playing a positive role for stocks and the bond market today. Also, the markets are coming off a rough stretch, which makes this bounce pretty understandable.

The FOMC minutes provided further affirmation to a bond market that continues to see the glass as half full.

The idea that the Federal Reserve is close to being done with interest rate hikes has certainly benefited the bond market, and stocks have benefited as well.