. >> it's premature to look at market expectations of cuts starting in may is lockton. >> i do not buy the rate cuts the market is pricing in. >> you still have that prospect of higher yields. >> more volatility. >> there are many reasons not to feel this is the beginning of that rally. sonali: citadel securities, a massive market maker, gathered their clients this week on this topic, ask them what is the bull and bear case on bonds? the bear case is the idea of sustained higher yields in the treasury markets as a result of economic resiliency. we look at a few factors, including fiscal spending rising to historic levels, global bank balance sheet reductions, and increased spending tied to infrastructure and green energy. when we flip up the board and look at the bull case instead for lower yields, you are looking at cooling inflation. this is what drove the story this week. a tightening job market and moving higher in a higher interest rate environment. this last part is the big question on what really means for interest rates to be higher for longer and when that starts to break. whe