Much of the attention will likely fall on how the 30-year Treasury fares.
Factors other than Fed rate hikes are threatening to prolong the bond market's fitful recovery from last year's rout.
Longer-term bonds have historically done well after the Federal Reserve ends a period of tightening.
Firms including Goldman Sachs are warning that the neutral rate has increased.
The firm had the probability at 35% when the banking crisis started in March.
A measure of turbulence in the U.S. bond market has risen to levels last seen during the Great Financial Crisis.
Even if the debt crisis resolved, Treasury will need to scramble to replenish its dwindling cash buffer, investor say.
Active bond funds are bleeding record cash as passives lure billions.
Around $304 billion dollars in new cash has been placed in the funds over the preceding three weeks.
More cash is set to move into government-only money-market funds, the bank says.
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