While it may not prove to be the most relevant market mover of the week, the upcoming Treasury auction cycle is at least in the running.  This particular example is condensed in the first two days of the week (as opposed to the typical Tue/Wed/Thu schedule) due to the calendar.  Treasury assumes easier investor participation if the auctions can all be part of investors' February balance sheets.  Early trading suggests the auction cycle is indeed a consideration if for no other reason than the modest underperformance vs MBS--something often seen heading into an auction cycle. 

In some ways, this is also a test for the short end of the curve, which is a bit closer to breaking technical ceilings than the long end (i.e. 2yr yields are 2bps below their 2 month highs while 10yr yields have at least a 6bp cushion).