Whole lotta nothing coming out of Cleveland...

Not to insult any readers out there who may be from the fine city of Cleveland. But the comments from Cleveland Fed president Sandra Pianolto contained nothing new or surprising on the Fed front. She said "the elevated inflation numbers concerned me, and indeed they still do" but said a pause in the rate-hiking cycle was appropriate to assess the impact of past hikes. In other words, more of the same.

Bonds are up modestly today, but they were already rising in price this morning, so it doesn't look like the comments mattered much to traders. Still a whole lotta hot money longs in Treasuries. Will they ultimately prove right? We'll see, but you know my take.