Bonds are relatively flat today after improving yesterday.  Today could be volatile as we will see a test for investor demand for US Treasury notes absent of the Fed as a large purchaser.  Today's $32 billion 3 yr note auction will be the first of 3 auctions this week.  Tomorrow, $21 billion in 10 yr notes will be sold and Thursday, $13 billion of 30 yr bonds will be sold.  The 10 yr US Treasury is currently trading at 2.90%.  Analysts are questioning its ability to remain below 3% for an extended period.