Yields are at their worst levels in a couple months as selling continues ahead of Wednesday’s FOMC interest rate decision. The recent four-day slide has run the 30-yr yield up 30 bps to 3.165% as it nears its highest point since early November. A healthy dose of selling over the past four sessions in the 10-yr has made for an advance of almost 25 bps with its yield testing its highest level since early December. Tomorrow afternoon’s 2-yr note auction lurks as a potential trap as dealers may hold back purchases ahead of the Fed. Wednesday’s FOMC decision will be an interesting one as some believe the Fed will continue to lay the groundwork for another round of easing. Also of note will be the interest rate forecasts of Fed members which will be included in the Statement for the first time.