High-quality U.S. bonds continue to feel the push and pull of global central banks.

Treasury yields have declined despite diminishing demand from overseas investors.

The approaching debt ceiling is a significant contributor to the state of T-bill yields.

Third quarter bond market trends may continue to start the fourth quarter.

Liquidity, or lack of it, continues to stir up fear for bond investors. Last week, negative headlines about bond liquidity increased and, separately, the Securities and Exchange Commission (SEC) proposed new rules for bond liquidity.

Will the Federal Reserve (Fed) kick off an interest rate hike campaign this week or will the Fed punt and wait for another day? Similar to the start of football season, the start of Fed rate hikes has been widely telegraphed and long anticipated.