It was a nice, simple day as far as market watching was concerned.  The overnight session was straightforward, with initial weakness driven by Eurozone headlines and data followed by some opportunistic buying after 10yr yields made it all the way up to 2.164.  Bond markets hadn't seen "real money" buyers for what seems like an eternity (yesterday was driven by "fast money," leveraged snowball selling), so those traders betting against bonds were spooked by the show of support and quickly moved to book the profits.  When folks who sold bonds short book profits, they do so by becoming buyers.  Pretty simple. 

The buying quickly carried 10yr yields back to 2.112.  That level held up as a technical barrier until the FOMC Minutes.  The market reaction to that was covered in pretty solid detail HERE.  Long story short though, markets were bracing for a less accommodative tone from the Fed.  When they got the opposite, bonds breathed a sigh of relief.  It wasn't much--only getting 10's back to 2.05 and not doing much at all for rates--but it's in the right direction.  Now it's up to Europe to see if a broader bounce can take shape.