There have been accounts that have been cash-rich, sitting on the sidelines, waiting for the FOMC to decide when and how to invest. We're seeing a bit of that going on.

I think the amount of market and regulatory scrutiny would deter any predatory activity.

There is a long-term favorable backdrop to long-term securities in demand from the pension industry.

The market is building a supply concession. The market is not doing much more than supply-based trade.

The combination of a slide in equities and further run up of oil is certainly producing a supportive backdrop for our market. It's absolutely a flight to quality pushing the market.

It would appear as if we are in the end game for the Fed, but we think the question is whether we're in the 7th, 8th, or 9th inning.