I think the Fed is tipping their hat. What I mean to say is They will support bonds into 2011. I would look at Late winter early spring '11 as a good entry into shorting the bonds. QE2 to begin Oct/Nov 2010. "Stealth Monetization" going on now--witness yesterday's action in the equities and bond markets. Waiting and watching. They are driving at inflation and are open about their efforts.
Yes. Typically Bonds are supported when equities crash as the money flows into treasury auctions and interest rates decline. However, in the event of hyperinflation notional values of equities will go up but less than inflating currency and bonds will crash as there are too few buyers.