Larry says the treasury market rally as of late goes against the prevailing macro narrative. For the time being, he thinks the Fed will be content with bond market volatility and dismiss the recent fluctuations as simply noise. Larry also says that if the Fed was content on 10 year yield hitting 1.75% earlier this month, then the reversal should raise some concerns for equity investors. Finally, Larry thinks the market finally came to the conclusion that what the Fed said is true that they are years away from doing anything on hawkish policy.