The markets will probably focus on the Federal Reserve pausing, at least until the meeting actually takes place on April 30. Expect position squaring and over the short term, I would sell rallies in any of the Treasury markets.

On the day of the FOMC meeting, you should probably wait to see what actually takes place to see if there are any surprises. Let the markets react with the initial knee-jerk price movement. Markets typically act one way on the day of the meeting, and do the opposite on the following day.