Related: Jim Cramer: Markets in ‘One of the Worst Times in a Long Time’ as Yields Rise, Stocks Fall

As the oscillations of volatility continued to rack the markets last week prior to Thanksgiving, Clarida was unable to derive a convincing trend in the markets just yet.

“I don’t think there’s any clear signal,” said Clarida. “You know, it’s hard even after the fact sometimes to attribute any given move in markets. You know, year to date, the stock market is up and there’s some volatility. So I think right now there’s no clear signal that I would take from it.”

In an interview with the Wall Street Journal this month, Federal Reserve Bank of Philadelphia President Patrick Harker was outright convinced that a December rate hike is not the most optimal move given the latest rumblings in the markets.

“At this point, I’m not convinced a December rate move is the right move, but I need to watch the data over the next few weeks before determining whether it is prudent to boost the cost of borrowing again.”

For more trends in fixed income, visit the Rising Rates Channel.