In addition, survey respondents forecasted an increase of 50 more basis points in 2019, bringing the federal funds rate to a range of 2.75 to 3%. All in all, the average of respondents see the federal funds rate at 3.3% once the Federal Reserve is done hiking rates.

TMV has already risen about 1.2% the past couple of days ahead of the interest rate decision on Wednesday. Year-to-date, TMV has generated 8.99% as well as 7.17% within the past year.

“The market is fearful that dovish hikes are a thing of the past … Markets are finally respecting the Fed, and are starting to think that these guys mean business,” said George Goncalves, head of fixed-income strategy at Nomura Securities International.

“I’ll be watching to see if the Fed’s happy with the market’s reaction (to its hiking cycle),” he added.

For more trends in fixed income, visit the Rising Rates Channel.