By Ven Ram, Bloomberg Markets Live reporter and cross-asset strategist

Both front- and back-end Treasury yields look set to build on their recent increase as the Federal Reserve seems to have little incentive to stoke a premature loosening of financial conditions.

Treasury traders will be riveted on what policymakers pencil in for 2024 via the dots to the exclusion of pretty much everything else that we hear from the Fed on Wednesday.

Two-year yields are nearing their cyclical highs as investors prepare for a hawkish dot plot. Here’s what will move the markets and how:

Decision and bias:

Summary of economic projections:

Dots, dots, dots:

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