Today's entire trading session centers on one key event: an overnight announcement that a Ukraine Ceasefire had been agreed to by both 'sides.'   Bond markets tanked immediately with 10yr yields moving almost instantly from 2.42 to 2.47.  Russia, however, was quick to point out that they cannot agree to a ceasefire since they are not part of the conflict.  Markets found that to be mostly hilarious and apart from one brief knee-jerk, the headline did nothing to materially change the weaker levels (or stronger levels in stocks).

So essentially we're left with the one overnight market mover setting the weak point of the day for bond markets with everything since then being a slow slog back in the other direction.  We didn't have enough progress to keep MBS from opening well into negative territory, but as the morning progressed, we're there now.  Treasuries are close, and once again, the geopolitical trading excuse is shown to be not nearly as important as the underlying impetus of European QE (and general European economic weakness).