On the news front, there is.........>

US TSYS SUMMARY: On the news front, there is little that could have pushed

Treasuries around today but there is a weak feel to the market this morning.

- Much of the downward push to prices came courtesy of one block trade 10,428

TYM8 at 120-17+ at 0750GMT.

- Overnight a number of banks have cut there GDP forecasts in response to

yesterday's weak retail sales control group (the part that feeds into the

consumption component of the GDP release).

- The other moving part in markets today is the 5Y cross currency basis swap.

From late Feb, this had become much less negative, making USD-denominated debt

appear expensive. However, the past couple of days has seen this U-turn quite

aggressive and it stands at -26.6bp.

- Data are fairly second tier later today, but there is lots: import/export

prices, Empire, Philly Fed, initial jobless claims, NAHB and TICS.

- The 2Y was last unchanged at 2.258%, the 10Y +0.3bp at 2.82%.