Waiting on the Fed: Treasuries are retaining modest gains with the 10-yr working near the 3.4% yield level. There is little to work with here outside of ongoing negative banking news which is helping keep a bid under prices, while ongoing, rampant speculation on what will come out of the FOMC tomorrow will dominate news. The consensus is that it's too early to toy with the language of the statement in terms of the removal of the "extended period" parameter, and at most will offer up a single tweak if only to let the market know they are doing something. There may also be straight updates on the Fed's assorted mortgage and agancy related buybacks, but that's about it.