Today's ECB press conference and QE details were indeed a hotly anticipated item, and they caused quite a stir for European bond markets (right where you'd expect).  But unlike we might expect from recent correlation, Treasuries did very little to follow the European bond market rally.  On that note, we can only surmise that tomorrow's NFP data is every bit as important as it has been shaping up to be since the last NFP.

Despite the general lack of cooperation in US bond markets, if there was a bias, it was slightly stronger after overnight weakness.  Bonds began the day at the highest yields of the week, and very close to February's highs.  The first ECB-inspired move took us back into positive territory and set the range for the day.  Treasuries never went any higher or lower than they did in those first few hours, though MBS erred slightly on the positive side into the afternoon.  The net effect is almost perfectly unchanged levels at the close.