People were afraid we would see core inflation higher.

We could stay in a choppy range. People are content to wait for the Fed meeting.

If people are comfortable with where inflation is, they feel comfortable with investing, and it does drive the market.

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

Treasuries can still fall some more. Some people are worried about the outlook for inflation because of the rise in energy prices.

There are millions of people out there who don't get inflation-busting increases whatsoever.