It should be no surprise to see a rally in the U.S. government-bond market around the latest Federal Reserve's policy meeting, since this has been "the overwhelming trend" for

at least the last 35 years, according to Deutsche Bank. The chart above summarizes the moves of the 10-year Treasury yield on the day before, day of, and day after each Federal Open Market

Committee policy meeting since 1989. The three-day window around Fed meetings captures the decline in U.S. Treasury yields since 1980. Bond yields move inversely to prices. Even though the

10-year yield yields have fallen around 400 basis points since mid-1989, they are actually up over 200 basis points if you exclude the three days of trading around the eight FOMC meetings