Two of our favorite made-up terms joined forces today to carry MBS to yet another all-time high and 10yr yields to the high 1.6's!  The day looked as if it would be a deceleration in terms of volume and volatility this morning, but we turned out to be quite wrong about that, although rates moved in the right direction for MBS watchers.  The culprits were overnight headlines in Europe that noted a similar "run on the bank" going on in Spain as the one just seen in Greece.  Even if the news and events themselves weren't responsible for subsequent all-time lows in German Bund yields, they certainly reminded investors that there are bigger fish to fry regardless of how Greece plays out.  Then there was the Philly Fed data, which in and of itself, isn't cause for 1.70% 10yr TSY yields, but when we have the FOMC standing by to stimulate "as needed," the progressively weaker data perhaps has more than a few investors thinking that the June FOMC announcement could be a little more bond-market-bullish if recent trends simply hold steady, let alone accelerate.