Bond traders are tipping off the Federal Reserve on their inflation outlook before the central bank’s meeting this week.

The auction last week of 10-year Treasury Inflation-Protected Securities, known as TIPS, drew the weakest demand in nine years. The sale, which some deemed “terrible,” trimmed the market-implied expected inflation rate by about four basis points, the most for a single day since mid-June. The market is basically trolling Fed Chair Janet Yellen, who’s said it’s “premature” to conclude that the underlying trend of prices is falling short of the bank’s 2% goal.

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