Up until the last employment report I thought for sure they were going to wait until August,

The rate rise in the ECB has been pressuring the bond market -- all of the European bond market is down at this point -- and that is starting to push its way into our bond market.

Those that thought the central-bank buying would not be there for the auction have been proven wrong.

There's nothing positive to be said about it. What's happening now is foreigners are looking to buy higher yielding paper, including agency and corporate debt.

The bond market is collapsing. What goes up must come down.

Bonds are well bid on the theory that this will slow down the U.S. economy,