To me that really speaks to...a deep lack of conviction over what comes next.

Jon Hill

The reality is the market is now expecting lower rates on average over the next 10 years than we have currently. And it's a combination both of a dovish Fed and also ongoing global growth concerns.

Yields can continue to push higher from here, but not dramatically so, at the end of the day we are in a recession, unemployment is above 10 percent, we have low inflationary pressure ... and a Fed quantitative easing program on top of everything else.