The Development of the Interest Rate Market During the Tightening Cycle

Jose Torres, economist for Interactive Brokers Group down in West Palm Beach and Joe Buck, head of Electronic Fixed Income Trading here in Greenwich, Connecticut. What is the interest rate market currently responding to most? Is it comments from central bankers? Is it the data still? Or is it global markets, perhaps? What do you think is moving in? I don't think there's one answer for that. The short end of the curve is highly sensitive to Fed policy.