We're slightly positive on the bond market for now. A rate move is priced in for June but people have given up on the idea of getting anything earlier.

The market has already priced in an imminent move.

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.

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

The risk is for the ECB to accelerate the pace of interest- rate hikes. There seems to be very little support for the European bond market.

We've seen an accumulation of strong numbers and sentiment at high levels in Europe. When we look at the numbers we're pretty confident the ECB will accelerate the pace of rate increases.