It's time for bond traders to place their bets on whether the Fed is ready to begin tapering its bond buying program.
The auction of $21 billion in reopened 10-year Treasury notes at 1 p.m. ET Wednesday could provide an indication of where market expectations line up on the Fed's timing.
(Read more: Fed taper already baked into market, Bogle says)
Since Friday's better-than-expected jobs report, the chances for a tapering in December have increased in the eyes of traders, though many Fed watchers still see March as more likely and January as a possibility.