As we approach the September FOMC meeting it is worth watching the movement of the 10 year note over the next few weeks. The reaction function of the yield level has been much lower to the volatile global equity & currency market movements this summer and this month. Having made successive higher lows over the last year, I think its very important to watch if it retests the highs of the year and whether it is in the process of an adjusting to a slightly higher range than we have seen for the year. Market expectations have been for a flatter yield curve as the Fed normalizes, however this may not be the case. It is on my radar screen.