Fed would reverse and lower rates in a bear market so treasuries may do well/up in price
in a bear market. Expect bearish steepening where the flattening/inversion of the concluded fed tightening cycle is rapidly reversed and the 2/10 spread(for example ) steepens.
Take a look at the 2/5 year treasury yield spread now...see the markets disagree(well known now) that the fed will continue their campaign. Yields on entire curve have been decreasing in this volatility and correction. Look at these treasury prices (2,5,10 etc,,,) vs. indices lately. Some would prefer this typeof price acton for the las 6 weeks or so but.....maybe too much is baked in so watch out.
The fed does not deliberately try to trick or confuse markets like stock participants may attempt to. They don't want to contribute to volatility and in fact (Bullard) try hard not to.
Its doubtful they would whipsaw expectations and policy and I dont think the degree of expected relative dovishness will be there this week.
i think they will hawkishly disappoint exuberant expectations and treasuries will sell off.....but stocks may as well...so what do some do? Stand back and trade what is seen after the meeting.