We still expect Treasury yields to move higher. The rise in oil is starting to be a concern once again.

One concern is that its production cost is rising, but as long as the oil price is high, that's acceptable.

Oil was the biggest concern in terms of U.S. consumer spending.

The real concern is over products and I expect prices for gasoline, heating oil and jet fuel to remain fairly robust.

There's some nervousness about the hurricane, that it might slow imports, and concern that gasoline and heating oil stocks might fall more than expected.

The U.S. will add more jobs and I expect that will support the view that the Fed will go to 5 percent. There's enough momentum to take bond yields higher.