Although there was a brief move to the lows of the day just after the noon hour, MBS have been doing a fine job of holding almost all of the gains from yesterday.  As Yellen's testimony winds down--once again with no bombshells--bonds look willing to continue holding their ground.

Before that, the trading day had been rather uneventful.  Treasuries followed an overnight rally in German Bunds, but began dialing back at 5am.  The New Home Sales data was disregarded, although it was fairly balanced in the first place (in that it would have been stronger than expected if not for the drag from the Northeast region).

Yellen is on her 2nd to last question, Draghi is speaking at European Parliament, and the 5yr Auction is coming up in minutes.  The auction is the last hurdle for today, unless Draghi has something interesting to say.