It has been a quiet day for bonds......>

BOND SUMMARY: It has been a quiet day for bonds through the European morning

session so far with G4 10y bond futures all within 0.05 or less of yesterday's

close.

- It will be a big day for policy today with the ECB meeting and FOMC Minutes.

The ECB meeting is likely to be less eventful than the last meeting with no new

policies announced but downside risks reiterated. We are also likely to have to

wait until June for the final details of the TLTROs to be announced.

- There is also a focus on data today with US CPI due for release. French and

Italian IP were both better than expected with UK monthly GDP data also better

than expected.

- TY1 is up 0-01+ at 123-22 with 10y UST yields down 0.9bp at 2.492% and 2y

yields down 1.6bp at 2.334%.

- Bund futures are down 0.04 to 165.44 with 10y Bund yields up 0.9bp at -0.001%

with Schatz yields up 0.5bp at -0.571%.

- Gilt futures are down 00.04 with 10y yields up 0.9bp at 1.113% and 2y yields

up 0.9bp at 0.708%.