Chinese problems make me more confident of my bullish bond view. A slowdown and especially devaluation are very deflationary for the USA. I am not concerned too much about bond liquidation from China. My sense is that some of it is going on already and is priced into the market. Furthermore, while their portfolio of US securities is very extensive, the duration of that portfolio is not that high. Most of their holdings, to the best of my knowledge, are in the short end.