The view is that the market could withstand a 25 basis point rate hike.

The intent of that, in my view, is to say they are very cautious about looking forward. A rate hike should not be expected in the same vein that one was expected for today.

Another quarter-point rate hike is baked in the cake. But we are near the end.

The market took the report in context -- which is that it is often distorted by aircraft orders. It didn't really ignite the bond bulls that the headline number was down so much.

We expect a hike of 25 basis points and probably 50 basis pints, ... Any smaller rate hike or no rate hike at all will cause a big sell-off of the euro on all cross rates.

We expect a hike of 25 basis points and probably 50 basis pints. Any smaller rate hike or no rate hike at all will cause a big sell-off of the euro on all cross rates.