The Fed announced that it has begun to buy the $500 bln in mortgage-backed securities that it tipped back in late November. This is the first leg of quantitative ease by the Fed. They will complete these purchases by the end of Q2, they announced. This news could steady Treasury prices as the market is reminded that Big Brother Ben is on the bid. 10-Year notes yield 2.43% at the moment, down from 2.50% earlier.