The market has believed that next year the Fed will ease down while the ECB amps up its rate hike cycle. These comments put a little bit of a damper on that view.

This is a dollar-positive move across the board. It puts perhaps additional interest-rate hikes on the table because the housing market is not slowing down.

We have very good interest to sell euros above $1.1929 and very good interest to buy euros below $1.1880.

As long as these investors continue to put money into our paper, does the inversion matter?

I don't want him to retire, and I honestly don't believe he will. He has been at the top of this class for a long time, and if you want to get there, you want to see him in your wake.

Short term I think (the euro) will dribble back to below the $1.20 handle and ... we're kind of in a probably $1.17 to $1.22 range for the next couple of months.