In its ubiquitous manner, traders are selling bonds ahead of tomorrow's 'nothingburger' from The Fed. While no rate move is expected, more color on balance sheet normalization is perhaps spooking bonds a bit as the long-end yields are up 7bps, back above 2.90%...

Some key levels for the 30y Yield...

So the long-end yield is now back above pre-June-rate-hike levels and reaching back towards Yellen's reportedly dovish tones from last week's Humphrey Hawkins testimonies.

Notably, bonds and stocks have recouped since Draghi broke the correlation...