In the short-term, we wouldn't want to oppose this move, and it could go a little further. There's no reason to buy Treasuries at the moment.

The data is certainly improving. We could get to much higher yield levels than we are currently at.

With the curve having flattened for a few days in a row, people may have taken their money out of it. There's been big selling of the 30-year bond.

The ECB is likely to keep preparing us for a rate increase this quarter and that will keep bonds under pressure.

The U.K. data looks quite reasonable. The Bank of England is going to be on hold for a while.

The market's expecting the ECB to prepare us for a rate increase this quarter and that will keep bonds under pressure.