What number do you think would have appeased the market yesterday for yields to have been flat or maybe to have fallen?

Again, I think you need to look through sort of the short-term effects of this.

We had a $22 billion bond auction today, and it came through the market.

Demand is quite high, and the market is very liquid.

I think on a particular day, the market may move in reaction to an announcement.

But big picture, it's going to react to the fundamentals, which is really the deficit and how much Treasury really needs to issue.

The deficits look to be increasing.

How are investors positioned for this market? What are your smartest clients doing at the moment to position for the next couple of weeks, couple of months?