The U.S. Treasury auctioned off $13 billion of 20 year notes today with strong domestic demand. The bid to cover was well above the 6 month average. Nevertheless, yields have continued to move higher and are trading near the highs for the day.
A snapshot the market currently shows
The FOMC will meet tomorrow at 2 PM, with expectations of no rate change. At their last meeting on July 26, they raise rates by 25 basis points to 5.5%. Since then yields have moved higher across the curve and trade near or at multiyear highs.
So although the Fed may keep rates unchanged, the market has done the tightening for the Fed.