There have been two back-to-back "unwind" trades in bond markets.  The stage was set by Monday morning's rally which was in response to an absence of updates on the healthcare bill over the weekend.  Essentially, markets were expressing their disapproval of Washington's ability to get things done.

Then on Tuesday, Washington put out a few newswires and Speaker Ryan spoke at a press conference for a few minutes that suggested the House might be able to get things done after all.  Markets responded by fully unwinding the positive bond market momentum seen on Monday.

Today brought the second "unwind" trade.  This time, the US government wasn't involved.  In fact, the US wasn't involved at all.  Instead, European bond markets led the way.  Two factors were in play.  First, today marked the official inception of "Brexit" with the UK submitting "Article 50" paperwork to the EU.  Later in the morning, ECB officials released comments suggesting that financial markets had read too much into their last policy communication (in terms of expecting rate hikes and removal of accommodation).  Essentially, it was the ECB's way of saying "don't worry, we're not hiking rates super soon.