Following choppy post-data trade....>

US TSYS SUMMARY: Following choppy post-data trade (1Q adv GDP +2.3% vs. +2.0%

exp; 1Q ECI +0.8% vs. +0.7 exp), Tsys holding near top end of range by midday,

curves bull flattening on modest volume (TYM<1.1M), 10YY holding below 3.0% to

2.96%. Equities weaker (emini -6.5, 2668.0); gold firmer (XAU +5.78, 1322.70);

West Texas crude drifting near steady (WTI +0.03, 68.22).

- US$ index mildly higher (DXY +.114, 91.675) while US$/Yen drifted near lows of

109.0 after tapping 109.54in early trade. US$ move added to early real-vol as

Tsys sold off on post-data spike in US$/Yen, reversing soon after.

- Some participants anticipated an in-line or weaker US Q1 GDP read following

the weak UK release that generated some knock-on support in Tsys as Gilts

rallied and  May BoE rate hike exp's declined.

- Early two-way flow from props, real$ and bank portfolio evaporated w/sporadic

buying in long end from bank and insurance portfolios on lighter volume. Acct

gravitated to sidelines ahead weekend w/next wk's FOMC rate annc on Wed May 2.

Note, China markets closed Mon, Tue for Labor Day holiday while Japanese mkts

closed Mon, Thu and Fri for public holidays