The early morning hours for US bond markets were somewhat disheartening as gains steadily evaporated into the 10am hour.  Up until that point, it looked as if markets priced in the worst case scenario and gradually calmed down from there.  But starting at 10am, calmness faded abruptly as equities began giving up in their attempt to push off the opening lows. 

The mass exodus in stocks has benefited bonds, with both MBS and Treasuries in a linear, positive trend since then.  Both are also at their best levels of the domestic trading session.  For Fannie 3.5s, that's 21 ticks higher at 102-28. 

10yr yields are down 13bps at 2.344 (overnight lows were 2.292 right at the start of European bond futures trading).  Current levels are roughly in line with the early overnight levels in terms of Treasuries.  If you didn't see that chart, the moral of the story is that today's rally is strong, but not yet enough to challenge either trend:

The day is still young though, and if equities markets continue their trend of 'abandon-all-hope' selling, anything is possible.  That money needs somewhere to go!  It makes more sense to keep it on this side of the Atlantic today.