Bond Market Volatility

The last time we saw this amount of implied volatility in US Treasury yields was December of oh eight. I don't know at this point what the yield curve will do or what it has to do, but I think it's done enough now to sort of set the wheels in motion for everything that Liz was just saying. Well, the other thing though too is look at what happened in the Fed funds futures over the last, not even full week right? We went from the probability of a 50 basis point hike to the probability of this is a green bagel. And again, it speaks to what you're saying.