And I said I know it well
That secret that we know
That we don't know how to tell
I'm in love with your honor
I'm in love with your cheeks
What's that noise up the stairs, babe?
Is that Christmas morning creaks?

from Bon Iver – Blood Bank Lyrics on Rap Genius

Meaning

He knows their secret well, too. He knows she is pregnant with his baby and neither one can tell anyone because people will be shocked. She wants to look into his eyes and let him know that she fell into love with him the first moments they met like they were kind-red spirits cut from the same cloth and every word of this song pumps through her ventricular and makes her bleed for christmas.

She knows he is her blood bank and he is her breath and she wants to climb the stairs with him to see what that noise is because in her heart she knows it is something they made together from the moment she tasted his cheeks… this song is like a genesis and feels like christmas which is valentine’s in her heart for him and it is like their love a “coming into being” and the development & production & creation of what happened when their blood mixed.

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