The market is anticipating a slowing economy.

It's a very early indicator of a slowing economy. Historically when the Fed gets into a tightening cycle, they inevitably tighten a bit more than they should, and that slows the economy.

We're in a global wine economy now. If you're out of grapes, you're out of grapes.

The market had gotten oversold.

The whole refunding should go reasonably well. Yields are (about 20 basis points) higher than they were two weeks ago, so that's part of the (price) concession.

The whole refunding should go reasonably well. Yields are still 15 to 17 basis points higher than they were two weeks ago, so that's part of the (price) concession.