Rates drifting around low end of.......>

US TSY FLOWS: Rates drifting around low end of narrow range on moderate volume

(TYM<370k). Bit of risk on as Tsys track Bund and China note yields, equities

firmer (SPX +10.25 at 2919.75).

- Overnight flow includes two-way in short end, fast$ and leveraged acct selling

long end, Asian real$ buying intermediates, light front end steepener interest.

- On tap for Tuesday: April NY Fed Business Leaders Index; Redbook retail sales;

March industrial production and capacity utilization; NAHB home builder index

for April. Fed Blackout kicks off April 20 through May 2.

- The 2-Yr yield is up 1.3bps at 2.4041%, 5-Yr is up 1.9bps at 2.3906%, 10-Yr is

up 2.2bps at 2.5759%, and 30-Yr is up 1.8bps at 2.9864%.