Rates drifting near top end session....>

US TSY FLOWS: Rates drifting near top end session range, little to no react to

the March 30-April 1 FOMC minutes, though equities liked the "Patience Warranted

'For Some Time'", bouncing off second half lows.

- Tsy yld curves mostly flatter by the bell after trading steeper most of day,

3M10Y off inversion but scaling back recent steepening (-3.018 at 1.789

(L:0.489/H:4.922). CBoE vol index (VIX) weaker/near lows (-0.32, 14.63);

equities mildly weaker -- near middle of range (ESM9 -4.5).

- Futures volume decent (TYM>1.3M) but driven by increasing quarterly futures

roll action from June to Sept ahead the May 31 first notice date. Two-way flow

in short to intermediates w/ accts squaring up ahead extended holiday weekend.

- On tap for Thursday: Weekly claims; April building permits revision; May

Markit Mfg and Services Indexes; April new home sales; May Kansas City Fed Mfg

Index; May Fed weekly securities holdings.

- The 2-Yr yield is down 2.5bps at 2.2289%, 5-Yr is down 3.9bps at 2.1878%,

10-Yr is down 3.6bps at 2.3909%, and 30-Yr is down 2.7bps at 2.8168%.