Slowed: Trade has stalled out again after runs of good sized flows but things are leaning to the upside with the belly still leading. There has been a "sell the rumor, buy the fact" sort of trade taking hold, while options have pushed implied volatilities up on the long end while cheapening the shorter end and holding the 10-yr flat. The VIX volatility index has in the meantime tumbled to its lowest levels in nearly 2-wks as per usual in the wake of the payrolls report.