U.S. Treasuries have been on a slow grind lower for most of the morning, but the selling has really started to accelerate on heavy volume in the last few minutes (7:30 am PST)

Right now, 10-year Treasury futrues are down 0.3%. The yield on the 10-year note is at 2.89%, 5 basis points higher from yesterday’s close.

All of this comes before the Federal Reserve’s big FOMC announcement at 2 PM ET. The Wall Street consensus is that the Fed will announce the first reduction in the pace of monthly bond purchases it makes under the quantitative easing program it introduced in September 2012.