Salient to Investors:

Bank of America Merrill Lynch data show US bonds fell for a third quarter, the longest losing streak since 1999.

Larry Milstein at R.W. Pressprich said the rate move higher is all about Fed action and is overdone given the economy, but if the Fed is ready to start pulling back, investors do not want to be the last ones out the door.

David Coard at Williams Capital said the Fed did not intend for the market to react the way it did about their plans for tapering.

Jason Rogan at Guggenheim Partners is starting to see data that represents the view the Fed has in their forecasts.

Ian Lyngen at CRT Capital said we are in a largely data-dependent mode with more than a couple of months of inputs to come before it’s clear whether tapering will begin.

Investors bid $2.94 for each $1 of the notes and bonds sold by the Treasury in 2013  versus the  record high $3.15 in 2012, and the first decline in demand at the auctions since 2008.

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