On the economic front, GDP QoQ came in at 0.4% (0.5% expected), personal consumption was up 1.8% (2.1% expected) and the GDP Price Index was up 1% (0.9% expected). Initial Jobless claims rose to 357k (340k expected) and continuing claims declined to 3050k (3041k expected).
Ten-year notes are opening up inline to slightly down this morning (1.86%) after a relatively quiet overnight session. In Europe, Bunds continue to trade at the lowest rates in 8 months and this is keeping a lid on any US sell-off. At 11:00 AM there is a $4.25-5.25 Billion UST buyback in the 3/17-11/17 sector and at 11:30 AM there is a $29 Billion 7-year note auction. Today the market closes at 2:00 PM EST and liquidity will continue to get worse as the day wears on and traders leave for the weekend. As a reminder, markets are closed tomorrow for the Easter holiday.
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