Longer term bonds were generally unchanged to begin the day.  In the overnight session, European bonds attempted to lead a rally.  US bonds followed at first, but both bounced back to previous levels ahead of the US session.

At the 8:20am CME open, domestic traders were skewed in favor of buying--a fact that's evident in the willingness for 10yr yields to continue rallying even as equities markets bounced.  Since clipping the chart below, equities have continued higher without much of a reply from Treasuries or MBS (not that we'd necessarily expect a reply, but it's common to see stocks and bonds huddling together amid times of uncertainty.  The divergence lets us know that bond traders are interested in buying for their own reasons).

All that having been said, traders are NOT interested in rushing into challenging the recent range.  In fact, 10yr yields haven't even come close to yesterday's lows (2.323 today vs 2.314 yesterday).  Unless that changes, we're simply putting in more time range-trading before bigger decisions are made.

For their part, MBS are having a similar day.  They started out  roughly unchanged and are now marginally stronger.  There was some illiquidity in the early part of the session.  This made for rapid apparent changes in price, but MBS buyers and sellers are in better supply now and the volatility has leveled off.