Treasuries are trading sideways.....>

US TSYS SUMMARY: Treasuries are trading sideways ahead of the much-awaited 20-Yr

Tsy bond launch later today.

- A mere 7-tick range for TYs thus far, volume slower than Tuesday (<171k traded

as of 0630ET). Calmer trading vs Tuesday's late rally.  TYM0 up 4.5/32 at

138-30.5 (L: 138-29 / H: 139-03.5)

- The 2-Yr yield is up 0.4bps at 0.1693%, 5-Yr is up 0.8bps at 0.3399%, 10-Yr is

up 0.7bps at 0.6948%, and 30-Yr is up 0.3bps at 1.4115%.

- The 20-Yr sale at 1300ET (as you may have heard, first sale since 1986) for

$20bln is the market focus today.

- While Powell provided little new of interest Tuesday (apart from noting that

all of the Fed's new 13-3 facilities should be up and running by the beginning

of June), the Apr FOMC minutes (1400ET) could provide some insight in terms of

the members' discussion over forward guidance.

- No data out; Atlanta Fed's Bostic speaks at 1000ET, StL's Bullard at 1200ET.

- NYFed buys $6.0bln in Tsys/TIPS today.