glen schultz of performance trust joins us to help sort it all out. hi there, glen. - hi, how are you? - i'm doing all right, and i'd like to know, the rate for the non-manufacturing sector seems to be accelerating. how is this happening if job growth was just 162,000? - one of the things that we saw at the beginning of this year was employers beginning to back off in terms of hiring. so, we saw that first-quarter slump in gdp. that's happened to us year-over-year now for, i think, the past three years or so. so employers polled back a little bit on that. the ism indexes, manufacturing indexes, they've shown a rebound. they were stronger than they've been in quite a while, and those are really leading indicators of employment. so, the expectation is that as we move into the second half of this year, we're going to see payrolls begin to expand. - so what does this mean for the bond market? let's go there now. - what this means for the bond market is that bond market participants are going to begin to up the probability of the federal reserve tapering it