Early last week, we moved away from waiting for additional upward momentum from last week’s rally to a waiting pattern ahead of this week’s Fed meeting. At the time, the Fed meeting was more than a week away, but bonds managed to maintain their faithfully holding pattern. The same range remains the baseline heading into Fed Wednesday’s events where Chair Powell’s press conference will be the most important market mover (the market is already anticipating a rate hike that will be announced 30 minutes ago). The range performance came courtesy of an overnight session that started in a weaker region in Asia, but turned positive in Europe after downbeat PMI data. PMIs helped both stocks and bonds due to the implications of the friendlier central bank policy. The gains weren’t as extreme and early domestic trading rallied in the other direction after the US PMI came out stronger.