Another relatively quiet inside........>

US TSY FLOWS: Another relatively quiet inside range day w/ Tsys drifting near

low end of range on moderate volume (TYM<1.17k). Early risk on as Tsys tracked

Bund and China note yields. Equities firmer but off first half highs (SPX +3.75

at 2913.25).

- Two-way positioning ahead large data drop on Thu's shortened session, better

sellers partially deal-tied on unexpected corp supply near $13B on day,

carry-over front end steepeners, mixed conditional curve plays in Eurodollar

options, better call buyers on net.

- On tap for Wednesday: February trade balance, wholesale inventories and sales;

Fed Beige Book for upcoming FOMC. Fed Blackout kicks off April 20 through May 2.

- The 2-Yr yield is up 1.9bps at 2.4103%, 5-Yr is up 3.2bps at 2.4042%, 10-Yr is

up 3.6bps at 2.5904%, and 30-Yr is up 2.5bps at 2.9927%.