It's kind of hard to justify those levels if you think the Fed goes one or two more times. The whole curve needs to shift up 50 basis points or so if you think there's two more moves in the pipeline. |
Risk positions are very small. People are staying fairly close to home just because we're not really sure what's going to happen. We don't want to risk too much in front of the Fed announcement. |
Treasury has a bunch of supply in front of it, so people are very nervous. |