For the first time since August 2001, the Treasury will attempt to ease the pain for pension funds and insurance companies who need long assets to pay for a growing number of baby boomers.

The 30-year will be of particular interest to traders as it will be the first auction in almost 5 years.

If the 'street' is required to own a large portion of this amount, it likes to have it on their terms, which usually results in higher yields and lower prices.

Tomorrow's 30-year bond auction should attract large accounts and nostalgia buffs that have quietly politicked to get the bellwether back.

If it isn't in sync with the markets current leanings, it could get ugly in a hurry.

It is important that he come across in an authoritative way so the markets see him as 'apolitical' and strong. If they sense that he can be maneuvered by Congress, then it could make the markets a bit nervous.