So far, the refunding has been a mixed bag. The three-year saw little foreign interest and had a low bid-to-cover, but the 10-year went a little better yesterday.

It [this report] is less inflationary than what we saw earlier this year. Bottom line, things are definitely slowing down a bit.

Companies are cautious for the second half of the year. It's been a mixed bag so far for results.

Home sales have remained surprisingly strong despite higher interest rates.

Today, the first auction of 30-year Treasury bonds in (almost) five years is expected to go well.

One reason the 10-year note yield has risen so much this week is that investors are worried that the end of the carry trade -- a trade that involves borrowing at very low rates in Japan and investing at higher rates abroad -- will end any day now.