Tsys hold near lows by the bell........>

US TSY FLOWS: Tsys hold near lows by the bell after trading narrow channel since

midday. Short end yield curve spds forged wider, 3M10Y appr 8bp steeper from

Wed's pre-FOMC lows. Generally quiet ahead Fri's headliner NFP (+190k est), Fed

out of media blackout as well.

- Sources noted pick-up in selling 10s from banks and real$, deal-tied sales

gained. Late morning flow, prop accts joined bank & real$ sellers in

intermediates to long end, two-way in short end w/ fast$ buying.

- Fed funds futures volumes remains well above average. Today's block buy of

15,885 FFK 97.5975, pushes session volume in May futures up to 144,692 -- well

over avg 30-day volume of 44,925.

- On tap for Fri: Nonfarm and private payrolls; unemployment rate; avg hourly

earnings; adv goods trade, wholesale and retail inventories; Markit Services

Index; ISM Non-mfg Index; StL and NY Fed GDP Nowcasts. 

- The 2-Yr yield is up 3.6bps at 2.3408%, 5-Yr is up 4.2bps at 2.3417%, 10-Yr is

up 4.3bps at 2.5432%, and 30-Yr is up 3.1bps at 2.935%.