A risk-off bid has boosted..........>

US TSYS SUMMARY: A risk-off bid has boosted Treasuries all morning in Europe

following a quiet Asia-Pac session, with equities retracing Tuesday's gains and

the dollar moving higher (though no particular headline trigger apparent).

- Strong flattening move in the curve with the long end handily outperforming:

The 2-Yr yield is down 1.6bps at 0.2028%, 5-Yr is down 5.1bps at 0.3694%, 10-Yr

is down 7.6bps at 0.6757%, and 30-Yr is down 8.7bps at 1.3149%.

- Jun 10-Yr futs (TY) up 18.5/32 at 138-25.5 (L: 138-06 / H: 138-27).

- Data to watch this morning: March retail sales and April Empire Manuf survey

both at 0830ET, followed shortly afterward by March industrial prod (0915ET).

- On retail sales, wide survey range for headline (-24% to 0.0%), median -8.0%).

- On corporate earnings front: UnitedHealth results beat expectations; BofA

missed on EPS; Goldman and Citi out later.

- Atlanta Fed's Bostic speaks at 1300ET; Beige Book out at 1600ET.

- SF Fed Pres Daly said in WSJ interview she doesn't expect a V-shaped recovery;

will take "some time" before Fed dual mandate can be reached.

- NY Fed buying $31bln in Tsys today.