It looked like it was going to be a....>

US TSY FLOWS: It looked like it was going to be a quiet end to the week -- and

it was despite some post-GDP chop. Rates mixed by the bell, short end under

pressure but off early lows. Trade volumes light (TYU<900k). Note equities

trading near new all-time highs, ESU9 3028.50.

- Amid generally quiet midsummer trade coupled with the Fed entering their

blackout period last Saturday, chances of a 25bp cut next week remains largely

priced in while 50bp cut in the target rate has stubbornly declined to

approximately 20%.

- Session flow includes two-way on net across the curve after better real- and

fast$ selling in shorts to intermediates post-data, two-way option-tied flow

w/August Tsy serial options expiring today. Little deal-tied flow.

- The 2-Yr yield is unchanged at 1.8639%, 5-Yr is down 0.3bps at 1.8552%, 10-Yr

is down 0.7bps at 2.0738%, and 30-Yr is down 1.5bps at 2.5936%.