Treasuries were under pressure right from the start today, having begun their move weaker when European trading came online around 3am.  10's managed to bounce a bit before heading further sideways, but MBS didn't move as far away from their weakest levels of the day.  Fannie 3.5s are still off more than 8/32nds from many lenders' rate sheet print times and more than a few reprices have been reported.

There's no single event driving the weakness, though stronger-than-expected Wholesale Inventories didn't help this morning.  In general, bond markets are still in the selling trend leading back from the recent low yields seen in late May.  Despite some short term volatility around last week's key events, the moderate weakness since then effectively keeps that trend intact. 

This can be seen in the 3-month chart of 10yr yields below (which may or may not be from the soon-to-be-released MBS Live Dashboard.  Hey, does that say "real time chart #2" at the top?  I guess that means there's going to be more than one, right? ;)