Finally we got a calm day to recoup. Yesterday, with stock markets down all around the world overnight and the release of the Clinton tapes, that caused a tremendous bid for the bond.

At the end of the day people realized this crisis isn't over and that the Fed has to ease.

The release of the tapes means greater uncertainty. The markets have a certain uneasiness about this, and the sense that Clinton is dying a death of 1,000 cuts.

At this point, if the yen rises further, it's going to undermine the Japanese economy, and, as a result of that, both Japan and the U.S., for different reason, would like to see the yen stable at these levels or a little bit higher.

As long as employment report on Friday is not too strong, I think the worst is behind us.

I think people are beginning to see the economy is slowing.