Treasuries are very cheap now. We are looking for opportunities to buy.

There won't be any surprises from the Fed today and that means another quarter-point rate hike. We are expecting the market to be very quiet today until the Fed releases its statement and we get more direction on future rate moves.

Even as the Fed is expected to raise rates tomorrow, it also means they are one step closer to the end of rate hikes and that is making Treasuries attractive to investors. We are looking for opportunities to buy Treasuries around yields of 4.75 percent.

We see buying opportunities. On a purely yield basis, we prefer Treasuries over European bonds. The spread will continue to widen.