The week revolved primarily around Tuesday's one-day Federal Open Market Committee meeting. For one that was expected to be relatively uneventful, it turned out to have anything but in terms of the markets' response.

A more upbeat assessment regarding the economy, and thus more uncertainty about the prospects of QE3, sent Treasury prices tumbling and yields soaring. By Friday at midday, the 10-year note had lost over two points since last Friday's close with the yield at its highest level since last October at around 2.30%.

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