The lion's share of those bookings have been taken off the sheets, ... It's only after Fed's move last week that we've noticed this improvement?

The market has been a little top heavy, so (the PCE increase) did offer a bit of an excuse to sell.

The claims numbers don't do anything to support the Treasury market, nor are they ground breaking either. The 10-year's price is a couple of ticks lower since the report.

The front end of the curve seems to be on the expensive side. You have a Fed that is not yet done tightening.

The market had gotten itself into a position where the thought process was the economy was cooling off a bit and the Fed was close to being done raising interest rates. These numbers threw a wrench into the works.

It has more to do with the fact that there could be a delayed vote because of possible military action,

In San Diego, we don't try quite as hard.

If there are any leanings one way or another, one is towards tightening. Another quarter-point hike can't be ruled out. This represents an opportune time for the Fed to tighten for calendar year 1999.

The Fed may pause even if the risks aren't balanced. He is trying to tell you that we will still pause even if the numbers come in as they have so far this year.

The Fed statement is a neutral to slightly friendly development, ... The fact that they maintained neutral directive helps, but doesn't mean they can't tighten again.