Let's say [Donald] Trump wins. Is Congress going to let him build a wall on the Mexican border? I don't think so.

Let's say [Donald] Trump wins. Is Congress going to let him build a wall on the Mexican border? I don't think so.

[Niccolò] Machiavelli said it's better to be feared than to be loved.

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.

We've seen that in the past that where you've had uncertainty, and even where the Fed is raising rates, Treasurys rise as everybody heads for safety.

If you look back historically at the post-WWII period on average, if you get a 100-basis-point increase in Fed funds, the spillover to the ten-year is only 35 basis points, and 25 basis points into the 30-year - it's a fairly small spillover effect.