Relative quiet lead-up to Fri's Q1.....>

US TSY FLOWS: Relative quiet lead-up to Fri's Q1 GDP, Tsy futures see-sawed

lower (10YY 2.531%), futures drifting off lows by the close amid moderate trade

volumes (TYM>1.01M). Yld curves mixed, off steeper levels while 3M10Y appr

recovers appr 1.25 bp after flattening appr -5bp from Mon highs.

- Tsy futures extending lows in aftermath of data (claims bounce +37k to 230k

after 5 wks of declines; March durables +2.7, better than exp), curves getting a

boost steeper w/long end underperforming.

- Two-way flow on net, better selling in belly to long end early, light

deal-tied flow, fast$ buying short end; large 2s30s steepener blocks early.

- Small tail (.6) for U.S. TSY $32B 7Y note auction (9128286S4) awarded 2.426%

rate vs. 2.420% WI (previous $32B 7Y awarded 2.281%); 2.49 bid/cover vs. 2.54

prior (2.61 avg).

- On tap for (finally) On tap for Friday: Q1 GDP (advance); Apr Michigan

sentiment index; Q2 St. Louis and New York Fed GDP Nowcasts.

- The 2-Yr yield is up 0.8bps at 2.3259%, 5-Yr is up 1.6bps at 2.3282%, 10-Yr is

up 1.3bps at 2.5307%, and 30-Yr is up 0.9bps at 2.9437%.