Bond markets signal solid economy, strong productivity, steady labor markets.

So interpreting markets is an imperfect business. We central bankers like market pros can think these things are over-determined, but let me offer some speculation. First, as we said in the FOMC statement that you got at two o'clock, the economy output is solid. Cap X and productivity are strong. Labor markets solid, steady. The bond market, the treasury market, it seems to be saying that as well. If I were to try to break down, disaggregate the treasury market signals, I wouldn't be able to do it perfectly.