As rates float higher, it's better to keep your money close to home and wait for better opportunities down the road.

The Empire State report was strong ... and the selling pressures stayed there.

Traders normally try to use the supply story to push rates higher.

Dealers weren't that interested even though we had good indirect bidding.

We're recommending investors stay short because we think there's more movement to the downside.

We had a relief rally on the back end yesterday, and it's carrying through to today. Plus, with the refunding out of the way, it's lifted a weight off the market.