Markets flash mixed signals ahead of the Fed

After opening softer yesterday, treasuries caught bids just after 9:00 which carried the 5-year yield below Monday’s low while the 10-year yield fell just short, but the rallies ended shortly after a much weaker than expected Consumer Confidence number came out at 10:00.

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The FOMC meeting is at 2:00 this afternoon but there almost certainly won’t be a rate cut and I’d be…