The Bearish Side of Wall Street

Two-year yields have popped, but it was quite interesting in our stock story today that they pointed out that as the two years well below the Fed funds rate, this is discounting fewer cuts from the Fed. We're still right around 5.1 percent at the terminal rate in that swaps market. On China, we'll get a big indication this week on what's happening with the recovery. It doesn't look like it's anywhere near as dynamic as we thought.