It's been very, very quiet. We've heard a number of players pulling back from the market, both investors and the dealer community alike.

Obviously the data today was very supportive of bonds. The unemployment report caught everyone by surprise. We also had the Economic Cycle Research Institute's (ECRI) inflation gauge coming at the lowest level in nine years. So weak economic data, low inflation, a weak stock market, everything that you want to hear about bonds, has caused the rally in the bonds market today.

Oil prices, I think, are something to keep an eye on. So far, they have not influenced the inflation data to the point where we think it should be too troubling to the bond market but if prices go a little higher, if they stay up here. I think it's something we'll have to keep an eye on.

It's such a blip on the radar screen,

I think Japanese bond yields are pushing up, and (that is) putting a little pressure on our market also,

It's a good move. It flattens the yield curve and brings long-term rates down.