The Fed will keep raising rates as an insurance policy to prevent unwanted inflation. We haven't seen a tightening of financial conditions.

Greenspan gave the best rationale yet for higher rates -- and it is one that we agree with. His speech should ruffle no feathers, which leaves the equity market free to move higher and suggests that bearishness on bonds should not be overdone.

Greenspan gave the best rationale yet for higher rates -- and it is one that we agree with, ... His speech should ruffle no feathers, which leaves the equity market free to move higher and suggests that bearishness on bonds should not be overdone.

The conundrum is the Fed, and why the it keeps raising rates.

The Fed is not finished yet in raising interest rates. Investors are still cautious on inflation and that may trigger a sell-off in Treasuries.

We've seen purchases of bonds receding. Investors cannot be bullish on Treasuries until the Fed stops raising rates.