Bonds Higher

Treasuries rebounded from earlier lows Monday with the 10-year yield down at 4.19% from the morning high of 4.23%

S&P MARKETSCOPE: Bonds rebounded from earlier lows Monday. 10-year yield was at 4.19%, down from 4.23% morning high in thin trading. One broker says there's a rumor of a large hedge fund buyer in 10-years. But the front-end has lead way up from the lows, continuing the curve steepening. There was some positioning before tomorrow's FOMC meeting. One rumor says the Fed might pause after tomorrow' expected 25 basis point hike. But Stone & McCarthy's John Canavan says " there has been no inkling of any change in the Fed's near-term outlook to suggest anything different. Even if one were to look for a pause amid the slowing economy, there is no reason to think they'd want to surprise the market with it tomorrow."

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