Key updates:

• The new coalition's Prime Minister was just sworn in (as expected)
• results of an EU vote in Brussels came to light, showing the new coalition's members almost unanimously voted for a program that would help countries exit the Eurozone.

Following that news, Italian spreads had blown out a bit and German Bund yields fell.  But the move already looks to have run into resistance, as can be seen in the chart below. 

Bottom line: while this doesn't look like some miracle cure or bond market ills, it at least helped reinforce a ceiling bounce in US 10yr yields shortly after 10am.