Good Morning. We are now watching the March FN Coupons. We are still however watching the February GN coupons. The yield curve continues to flatten, spreads are unchanged in thinner coupons and slightly wider on the fuller side of the stack (5.5s through 6.5). We are moving down in coupon early in the session..

830am Marks (since 3pm Close....

FN30_________________________                            

FN 4.5 -------->>>> +0-01 to 100-30 from 100-29                                       

FN 5.0 -------->>>> +0-02 to 101-29 from 101-27                                   

FN 5.5 -------->>>> +0-01 to 102-11 from 102-10    

FN 6.0 -------->>>> +0-01 to 103-02 from 103-01                                        

GN30______________________

GN 4.5 -------->>>> +0-02 to 101-14 from 101-12

GN 5.0 -------->>>> +0-02 to 102-14 from 102-12

GN 5.5 -------->>>> +0-00 to 102-24 from 102-24

GN 6.0 -------->>>> -0-01 to  103-08 from 103-09