Supply in this quarter will be bigger than usual, so it will have a bad effect on the market. It's difficult to buy at these levels when you know the Fed will hike rates next week.

We see investors coming in to cover short positions. For some, these are attractive levels to get in.

I am still a little bit bearish. The market thinks the U.S. economy is strong. Treasuries are still not attractive because the Fed will raise rates on March 28 and maybe again in May.

A 10-year yield near 5 percent offers value. Yields have risen quite quickly over the past few weeks.

We are still a bit bearish on Treasuries. The economy is doing well.

Treasuries are expensive at these levels given that the Fed is still going to raise interest rates. The Fed is still worried about inflation.