After reaching a boiling point in terms of volume and positivity by the end of the day on Friday, bond markets have leveled off and calmed down a bit over the past two days.  This is consistent with the traditional approach to the FOMC Announcement, which we'll get today at 2pm. 

This will be an opportunity for the Fed to  stay the course on tapering or to acknowledge the recent impact of tapering on global markets.   The consensus is for no change in the tapering amount of $10bln, split evenly between Treasuries and MBS.  If that's the case, it will be interesting to see the reaction in emerging market currencies and general interplay between stocks and bonds.