CNBC's Rick Santelli reports on the latest news regarding the bond market.

Washington

Treasury yields have declined, with the 10-year yield moving lower as investors anticipate the Federal Reserve's upcoming rate decision. This movement is part of a broader global trend, as European bond yields have also fallen, and there is growing demand for euro-denominated debt over dollar-denominated issuance. 

Market analysts note that while the Federal Reserve's independence is being widely discussed, the more significant market drivers are broader economic factors and short covering in recent sessions. The euro has strengthened, reaching its highest close of the month, reflecting the shift in debt issuance preferences and ongoing global market dynamics.

Yields ease ahead of Federal Reserve meeting

We're also watching Treasury yields as the 10-year is moving lower, with investors gearing up for the Fed's rate decision next week. $4.33. Rick Santelli has more on the bond report. And Rick, their independence is going to be all the chatter between now and then, I imagine. Yeah, you know, I'm sure it's going to be fodder for all the newspapers and all the websites and all the podcasts. But I personally think that the market's got a huge life of its own outside of the Federal Reserve. And I think the independence issue is a sideshow. I think the real issue is Goldilocks, but the story isn't the three bears, it's the three bulls. And outside of today's slight red in the equity markets, everything looks pretty darn good. And with yields moving lower virtually for the entire week, it's pretty unusual to see that the yields are cross-fertilizing stocks at a time where I would suspect the long end should be doing more to the upside. But don't underestimate the short covering going on over the last several sessions. So you see twos and tens there. They keep dropping. Maybe what's most interesting is this isn't local. It really is global. Look at the boons on top of a chart with our tens. Matter of fact, the boons in blue, they are leading the way down in terms of yield. And if we look at the stay with Europe, look at the euro currency. It's up for the fifth session in a row. It looks to have the highest close all month, and they're getting cross-fertilized by putting out paper in euros. Instead of denominating debt issuance in dollars, the reserve currency of the world, there has been a bigger interest of late, and I'm not sure how long it'll last, in euro-denominated debt. That should continue to put a bid in the euro and probably an offer on the dollar index side.

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Breakdown