10-Year Treasury Note yields held near 4.98% before FOMC.

Todd Colvin analyzes the latest session in fixed income as 10-Year Treasury Note yields closed near unchanged at 4.98%, marking a fourth consecutive close south of 5% in a quiet trading range. The market showed little reaction to durable goods and consumer confidence data as investors await Wednesday's FOMC rate decision, followed later in the week by the ECB meeting and releases for PCE inflation and GDP. Despite the upcoming slate of event risk, volatility softened, with the CVOL index falling for a fourth straight session. The discussion also previews tomorrow's session, which features trade balance figures, a 2-Year floating rate note auction and Fed Chair Jerome Powell's post-meeting press conference for potential clues on policy guidance.