The Fed wants to raise rates because they've been yelling and screaming about it. They've been crying wolf for so long that their credibility is shot, and I think they feel they need to.

Treasurys, as low as yields are, are higher than they are in most other developed countries.

OPEC production went from 30 million barrels a day to 33 million. They flooded the market, and it's lost them a lot of money. Look at the Saudis: they just floated a $17.5 billion debt offering, they earlier borrowed $10 billion from a group of international banks; they're selling part of Aramco - they're desperate for money.

Despite the recent conviction of many that we're headed back to inflation, I think deflation remains the more likely prospect. You've just got too much excess capacity in the world.

[Donald Trump] is so unpredictable that foreigners are going to look around and say "boy, we've got to head for the safe havens." And one of the safe havens is Treasurys and [another is] the dollar.

If Hillary [Clinton] is elected, is she going to be able to jack up taxes with virtually no deductions, and include capital gains? Unless democrats have a clean sweep of Congress, I don't think that's going to happen either.

We're in a pretty tumultuous world, and there's a lot of uncertainty. Treasurys are where people go as one of the few safe havens in the world.