There's still more room to run.

Economic data have been reasonably good, so the bonds continue to sell off. Strong economic growth means the central bank is likely to tighten further. You see significant back-up in yields across the board.

Bonds are a little bit expensive right now. Consumers are spending a little bit aggressively, which may make the central bank nervous about rising prices. It may push the bank to tighten further.

The statement opened up the possibility that the interest rate going to 4 percent isn't 100 percent guaranteed.

I'll always be a party monster. I'll always love getting dressed up.

Watch out for the average--they're usually hiding something big.