Bond markets got off to a rocky start in the overnight session following the announcement of new QE in Japan.

US Treasuries then glued themselves firmly to German Bunds and simply sat back to enjoy the ride.

10’s and MBS sold off steeply into the opening bell for stocks but actually caught some supportive buying stepping in to stop the bleeding 5 minutes prior.  

That marked the weakest levels of the day and we’ve been between opening levels and those weakest levels ever since.