Treasuries are trading without......>

US TSYS SUMMARY: Treasuries are trading without much direction early Friday,

with Q1 GDP data eyed later.

- The Jun 19 T-Note future is up 2.5/32 at 123-150, having traded quietly in a

range of 123-125 to 123-175.

- Curve is bull steepening amid pronounced short-end outperformance: 2-Yr yield

is down 2.4bps at 2.3082%, 5-Yr is down 1.5bps at 2.3149%, 10-Yr is down 0.9bps

at 2.5234%, and 30-Yr is down 0.1bps at 2.9413%.

- Equities and the USD flat. Oil prices the big mover, WTI down 1.5% at $64.20.

- US GDP the main highlight today at 0830ET.

- GDP expected to decelerate in Q1 to an annualized 2.0% after a growth rate of

2.2% in Q4 2018. GDP price index grew by 1.7% in the previous quarter and is

expected to pick up to 1.8% in Q1.

- We also get Apr Michigan sentiment index; Q2 St. Louis and New York Fed GDP

Nowcasts.