This morning's biggest news concerns the European Central Bank (ECB). Sources from within the ECB said that markets overinterpreted a change in verbiage in the early March policy statement. Long story short, the statement dropped some verbiage about the ECB being "ready to act with all available instruments." (Here's the full story from Reuters).
The sources went on to say that rates are good where they're at and that further increases would be problematic. Incidentally, several Fed speakers have echoed those thoughts, pointing out that higher rates could act as too much of a brake on economic growth.
German Bunds have responded most favorably to the news, and have generally helped US bonds move away from their overnight ceiling.