FTN Financial's Jim Vogel said "today's.....>

US TSYS: FTN Financial's Jim Vogel said "today's volume" in Tsys "is

surprisingly strong given the lack of bond-specific news," and such Thurs

"activity contrasts" with Wed afternoon, "which produced the lightest trading

reaction to FOMC minutes so far this year."

- He adds that as FTN's "Chris Low said, almost no trading on the minutes is the

definition of transparent central bank policy. It's possible a new Fed chair

could choose to pare back the constant and occasionally confusing communication.

The Fed has not mentioned its own openness as one source of less volatile,

higher valued financial markets. Other economists have taken note, however."

- Vogel also added that "important to reduced volatility is the continued inflow

to fixed income even when large money managers are bearish on the sector. Mutual

fund inflows - what FTN aggregates as 'domestic high grade debt' - just reported

the fourth consecutive week of substantial net receipts."