A little sell-off today should not be surprising in front of such an important report.

A 25 basis-point (one-quarter percentage point) move is very likely and is the most likely outcome.

The data gives investors hope the Fed won't have to stay aggressive too long.

The Fed is remaining vigilant against inflation, which helps 10-year notes and 30-year bonds. But two-year notes still have to deal with the likelihood of higher interest rates this year.

There's a lot of focus in the bond market on oil. It's been such a hot story because of people's fears of higher inflation.

A lot of today's trade is based off the stock market.