We've seen purchases of bonds receding. Investors cannot be bullish on Treasuries until the Fed stops raising rates.

The U.S. economy is very resilient and the Fed will raise rates at least two more times next year. The presence of oil money and foreign central banks has put a cap on long-term yields.

The conundrum is the Fed, and why the it keeps raising rates.

The Fed will keep raising rates as an insurance policy to prevent unwanted inflation. We haven't seen a tightening of financial conditions.

The Fed is not finished yet in raising interest rates. Investors are still cautious on inflation and that may trigger a sell-off in Treasuries.

I think he's basically greasing the skids for the Fed to keep raising rates, and that may not be something the stock market has realized yet, ... and that's why you're not seeing much reaction.