UP TO THE MINUTE UPDATE ............................................. 1:51 PST

Bonds Skyrocketing on "flight to quality" buying.

Almost back to session opening highs.  50bps gain in the 5.0% on the day and about 35bps on the 5.5%.

Too late today for reprices (for most lenders), so look for this to be baked into tomorrow's pie, which could be a delicious dish indeed.