People are thinking he's going to drive funds higher than is currently priced into the market. He's going to drive this curve to a pretty deep inversion.

The whole refunding should go reasonably well. Yields are (about 20 basis points) higher than they were two weeks ago, so that's part of the (price) concession.

The whole refunding should go reasonably well. Yields are still 15 to 17 basis points higher than they were two weeks ago, so that's part of the (price) concession.

There's a long-duration triple-A asset about to come to market, and there are a lot of folks domestically and internationally who need long-duration triple-A assets.

It's the fear there's going to be a mad rush for the exits in the equity market: that's what generates the interest in Treasuries.

The market is anticipating a slowing economy.