The US economic calendar is light today as we count down to Wednesday's FOMC decision. But the calendar isn't empty.
The headliners today will be sales of 3-year and 10-year notes from the US Treasury. Those will land in a market that's still skittish about supply and trying to find a comfortable level for yields.
The 3-year sale is up first with results just after 11:30 am ET. It's a $50 billion new issue and should sell around 3.50%.
The 10-year sale is a reopening of last months' new issue for another $37 billion. It's trading at 4.27% now, up 2.7 bps on the day as a small concession is built in.