People are getting defensive, setting up for payrolls. We live from payroll to payroll, and the market fiddles around in between.

There are some fears about inflation but people are even more concerned about what's happening in the corporate credit market.

Since it's broken through that, that sets a negative tone for the market.

Pressure from bunds is working its way into the Treasury market. Bunds and Treasuries are moving hand in hand.

We're approaching oversold conditions, but then we've been getting data that has been coming in strong and which in one way justifies this.

There is very much of a flight to quality, although by now financial markets are settling down a bit.