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Rates trade weaker by the bell --......>

US TSY FLOWS
US TSY FLOWS: Rates trade weaker by the bell -- but rebounding past top end of
range. Modest unwind after two- days of risk-off. Still relative quiet ahead
weekly claims and GDP. CBoE vol index (VIX) weaker (-0.55 at 17.35); equities
firmer (ESM9 +8.5).
- Overnight flow largely two-way, fast- and real$ sellers earlier along with
swap-tied accts in short end.
- On tap for Thursday: Weekly jobless claims; Q1 GDP second estimate; Apr
advance goods trade gap, wholesale & retail inventories; NAR pending home sales
index; natural gas and crude oil stocks.
- The 2-Yr yield is down 0.8bps at 2.1009%, 5-Yr is down 0.8bps at 2.0611%,
10-Yr is down 0.9bps at 2.2517%, and 30-Yr is down 1.8bps at 2.6747%.

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