In one corner, we have comments from the CIO at a large European asset manager (€700 bln+) saying it's time to shift to a strategy of "selling the highs" as opposed to "buying the dips."  This is a topic that resonates with investors of all sizes.  When a big money manager says it, it's not unlikely to cause a bit of a "risk-off" trade.

10 minutes later, the IMF released a warning on Italy's stimulus plan saying it could lead to higher rates and ultimately recession.  The timing of that news doesn't line up with recent market movement quite as well as the other headline, but it was close enough to consider.

Either way, 10yr yields broke lower from the morning's narrow, sideways range.  They're now down 3.5bps at 3.151 and Fannie 4.0 MBS are up 2 ticks (0.06) at 99-21 (99.66).