The Fed's Negative Effects on Bond Volatility

Bond volatility, the likes of which we've seen over the last 18 months or so, is probably on the margins a really good thing for you guys because this allows you to differentiate yourself and your products. It has helped banks in some ways just because they're net interest margin. But on the flip side, it's heard a lot of banks have portfolios that are under water and that's something that nobody ever thought about. So I think that the Fed looks at things on really a one or two-dimensional way and they're not looking at it on a bigger picture way as we've never been here before.

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