In an interesting turn of events this morning, the Treasury refunding announcement has taken a back seat to econ data which has, in turn, taken a back seat to bank drama headlines.  Seating order aside, we have a 3-row SUV full of good news for rates ahead of this afternoon's Fed announcement.  Because the bank headlines are in the driver's seat with ECI in the middle row, the tone has been most favorable for shorter-term rates.  One COULD claim that markets must have expected more damage in shorter-term Treasury issuance, but Fed Funds Futures confirm bank headlines as the key consideration.