If someone loves you, they can fall out of love with you but they're probably going to keep fearing you. That's where we are with [Donald] Trump.

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.

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.

TPP is dead anyway, and similar deals in the eurozone are going nowhere.

Treasurys, as low as yields are, are higher than they are in most other developed countries. A foreign investor picks up a yield spread in Treasurys versus their own sovereigns, plus the fact that if the dollar is going to continue rallying - and I think it will because it's a safe haven - then they get a currency translation gain as well.

[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.