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David Robin, interest rate strategist at TJM Institutional Services LLC: "The U.S. employment situation is somewhat unclear, and we also have inflation issues. From a data perspective, the probability that the Federal Reserve will remain on hold at least until March has increased. As each meeting is crossed off the schedule, the probability of the Federal Reserve continuing to hold steady becomes greater." Robin said, "Regardless of whether the market believes the Federal Reserve will remain on hold—whether that probability is 5%, 10%, or 20%—these trades are very cheap; if you are a disciplined risk manager, you will have demand."