This is obviously a continuation of what we've been seeing, which is strong economic growth and inflation expectations.

Inflation has boxed the Fed in, they are going to have to keep moving rates up.

The Fed sounded optimistic about growth, but its view that the risks of inflation and inflation expectations were reduced is the hallmark buy signal for the back end (of the bond curve),

You just can't have 30 percent growth every quarter.

After two or three months of inflation numbers coming in above expectations you start to revise inflation expectations upward, which puts pressure on domestic interest rates.

The main enemy Morales faces is the inflation of expectations. People have a lot of hopes, a lot of expectations. But some are expecting miracles in the short term.