The morning has been both straightforward and interesting.  The straightforward part involved a moderate sell-off following stronger economic data.  Jobless claims fell (both weekly initial claims and continued claims), and core PPI came in 0.1 higher than expected in year over year terms.  A saving grace on the inflation front was the as-expected result in monthly core PPI (0.3 vs 0.3) and the fact that it was almost lower than expected (unrounded number was 0.253, which is about as low as it could be without rounding down to 0.2). The interesting part of the morning has been a quick return to positive territory.  The gains are not data-driven and the only objective justification would be a series of big block trades in 5 and 10yr notes that came in right as yields were peaking.