It has been a quiet morning so far.....>

BOND SUMMARY: It has been a quiet morning so far for bond markets, with little

follow through from yesterday's ECB meeting.

- Yesterday the ECB meeting was largely as expected. The ECB are concerned about

inflation and the committee are looking at options for a package which is likely

to be announced at the September meeting. The meeting was largely in line with

analysts and market consensus. In terms of analyst reviews, there are even more

overwhelmingly leaning towards forecasting a September package now.

- This afternoon will see the first print of US Q2 GDP along with the revisions

which could stretch back over the past five years. This will be one of the last

data points ahead of the FOMC meeting next week.

- TY1 futures are unch today at 127-09 with 10y UST yields down -1.3bp at 2.069%

and 2y yields down -0.7bp at 1.859%.

- Bund futures are up 0.11 today at 174.12 with 10y Bund yields down -0.9bp at

-0.373% and Schatz yields up 0.1bp at -0.766%.

- Gilt futures are up 0.12 today at 131.97 with 10y yields down -1.4bp at 0.694%

and 2y yields down -1.6bp at 0.482%.