The two-year trades at 3.490% and the 10-year at 3.250% ahead of the silent period preceding the FOMC meeting. Fed officials have left the impression that they want to frontload this tightening cycle and take their time to make sure prices are tamed, before easing. “The Fed’s end game and cost of funding is far more critical than the meetings to meeting debates on increments,” AmeriVet’s Gregory Faranello says in a note to clients. Faranello expects the fed-fund rates to reach 4% rather “sooner than later regardless of the data.” Investors expect the next hike to be by another 75 basis points, taking the funds rate to a 3%-3.25% range.