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Take Your Position: Bond Market

With a spate of new debt coming out and a Fed meeting this week, what will move the market, Bernanke or the auctions?

Investors are clearly nervous ahead of the Fed’s two-day policy meeting which ends on Wednesday. It’s likely investors will scour the Fed's statement for guidance on growth as well as any potential hints on whether the Fed intends to expand its $300 billion Treasury repurchase program.

And though the Fed's meeting would normally dominate a week like this, policy-makers might play second fiddle as investors brace for a record volume of bond auctions that could saturate the market.

This week the US government will issue a record amount of debt -- $104 billion in two, five and seven-year notes. That total exceeds the previous record of $101 billion set in similar auctions earlier in the year.

Here’s the breakdown:

Tuesday: $40 billion in two-year notes
Wednesday: $37 billion in five-year notes
Thursday: $27 billion in seven-year notes.

What should you know about the debt market? We asked Jason Graybill of Carrett Asset Management. Find out what he thinks! Watch the video now!


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Trader disclosure: On June 22nd, 2009, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Adami Owns (AGU), (C), (GS), (INTC), (MSFT), (NUE), (BTU); Seymour Owns (BAC), (BX), (EEM), (FCX), (FITB); Finerman Owns (TBT); Finerman's Firm Owns (FL), (MSFT), (PBR), (RIG), (NOK), (TBT); Finerman's Firm Owns (WFC) Preferred, (BAC) Preferred; Finerman's Firm Is Short (BAC), (WFC), (IJR), (MDY), (IWM), (SPY), (USO); Finerman's Firm Owns (WMT); Finerman's Firm Is Short (XRT); Terranova Owns (SDS), (TER), (XBI), (BTU), (ABT), (MSFT), (HES), (BTU); Terranova Is Short (XOM) Call Spreads; Terranova Is Short (OIH) And (OIH) Puts; Terranova Is Short (RIG) And (RIG) Puts; Terranova Is Short (FCX) And Is Short (FCX) Puts; Terranova Is Short (IBM); Terranova Is Short (GENZ) Call Spreads; Terranova Owns (GENZ) And Is Short (GENZ) Calls; Terranova Owns (X) And Is Short (X) Calls; Terranova Owns (MS) And Is Short (MS) Calls; Terranova Owns (DIS) Call Spreads; Terranova Owns (BRCM) And Is Short (BRCM) Calls; Terranova Is Short (IBM) Calls; Terranova Owns (RIMM) And Is Short (RIMM) Calls; Terranova Is Short August Gold Futures; Terranova Is Short August Crude Oil Futures; Terranova Is Short September Crude Oil Futures; Terranova Is Short December 2009 Crude Oil Futures; Terranova Owns December 2009 Crude Oil Futures; Terranova Is Short December 2011 Crude Oil Futures