Bond markets began the day in weaker territory after a relatively uneventful overnight session.  The losses were minimal and left both MBS and Treasuries well-contained by the post-FOMC range (Thursday and Friday basically).

There hasn't been any significant data or news, but that hasn't stopped bond markets from experiencing some faster-paced movement as the morning progressed.  To that end, we can point to a substantial sell-off in equities markets and an even more aggressive rally in European bond markets as potential catalysts, but if there is one thing motivating bonds more than any other, it isn't overt.

These gains are fairly abrupt in the context of this one trading day, but against the backdrop of the 3-day trend, they do more to simply skew a sideways range (making it look slightly positive as opposed to purely sideways.  The 10yr chart below is a fairly good example).