Bonds are a little bit expensive right now. Consumers are spending a little bit aggressively, which may make the central bank nervous about rising prices. It may push the bank to tighten further.

Economic data have been reasonably good, so the bonds continue to sell off. Strong economic growth means the central bank is likely to tighten further. You see significant back-up in yields across the board.

There's still more room to run.

The statement opened up the possibility that the interest rate going to 4 percent isn't 100 percent guaranteed.

One martini is all right. Two are too many, and three are not enough.

One martini is all right, two is two many, three is not enough