The following piece is a good wrap/review on the European conference call today, in conjunction with Draghi's comments, helping bond markets stay strong. This is starting to get ugly.

(Reuters) - European finance ministers looked unlikely to reach a target of boosting IMF resources by 200 billion euros to ward off the debt crisis on Monday, after Britain said it would not take part in a plan aimed specifically at helping the euro zone.

In a three-hour conference call, ministers also assessed plans for tighter euro zone fiscal rules - a new 'fiscal compact' - that policymakers hope will insulate the 17-country currency zone against a repeat of the two-year debt crisis.

Treasury sources said Britain had made it clear on the call it would not participate in the plan to increase IMF resources by up to 200 billion euros, with 150 billion of coming from euro zone central banks.

"We were clear that we would not be making a contribution," one treasury source said, while another added that there was "no agreement on the 200 billion" euro funding boost.

This is one of those situations where we're experiencing MBS gains early enough in the morning that you'll need to take a close look at the release time on any rate sheet from which you're hoping for a reprice. Only the lenders who released earlier this morning stand any chance of repricing soon. Beyond that, we'd only be looking at the characteristically early crowd in the first place, so chances are small at this point, but will improve the longer the 102-17/19 pivot range holds as support. For now, it may be better to think of this alert more as an indication of absent risks of reprices for the worse (except inasmuch as an overly-busy lender could release a pipeline-control reprice).