The outcome of the meeting is fully priced into bond prices. Only the (Fed) statement may offer intrigue.

Sentiment in the bond market has really soured.

Maybe we haven't seen the same magnitude of rate declines that we typically have seen in easing cycles, but directionally it has been a fairly classic bond market reaction to the easing cycle.

If the Fed is not going to do the heavy lifting, the bond market is going to do it for them.

The employment report will make or break the bond market this week. Until you start to see moderation on the employment front, you're not going to see much of a slowdown in the economy.