We will have a statement from the Federal Open Market Committee (FOMC) in about an hour and the wording of the statement will be critical to the next couple of days of trading in the interest rate markets.
In particular what is the FOMC take on inflation and on employment. Markets are watching for these signals specifically.
Of course no interest rate hike is expected today, so any hike would set panic to the markets–even though they will be hiked in 60 days and everyone knows it.
Preferreds and baby bonds are flattish today while the 10 year treasury it a basis point or 2 higher.
Obviously none of us are able to trade on this news as markets will react faster than we can even dream of reacting so we will just sit back and watch how it all unfolds.