There could be a dramatic turn in rates. I'm expecting a half-percentage-point move to the upside [in yields] when the turn comes, and I think that will happen within a month.

Moving by just [a quarter percentage point] or perhaps leaving rates unchanged has been made a lot more palatable by the events that have transpired in the past 24 hours.

The big picture is still that 10-year yields are up 100 basis points (1 percentage point) in basically a month, so to see a 5- or 10-basis-point pullback is not a big deal. It's just a wiggle on the charts. You will get wiggles here and there, and whether it's driven by surprises in economic data, or in geopolitics, oil prices or stocks is anyone's guess.

The big picture is still that 10-year yields are up 100 basis points (1 percentage point) in basically a month, so to see a 5- or 10-basis-point pullback is not a big deal. It's just a wiggle on the charts, ... You will get wiggles here and there, and whether it's driven by surprises in economic data, or in geopolitics, oil prices or stocks is anyone's guess.

Banks are definitely in vogue at the moment because we are expecting rates to come down in the second half. So looking ahead, the lower interest rate environment is definitely going to be good for banks.

We had to turn every school's network upside down,