• 4.5's are up 7 ticks this AM at 101-05
• Current Coupn Yield Spreads widest since Nov/Dec 09
• 10yr yields down another 5bps at 3.54
• Stock futures are down, roughly another 5-6 pts in S&P

It'll be a fun-filled day (and week), with lots of charts and diverse eventualities discussed in nominal detail.  So far this AM, bonds are threatening to solidly confirm a shift into a more bullish trend.  Some analysts are considering the recent bullish breakouts already confirmed as of yesterday, but today is the magic day for me. 

One potentially important factor in that equation is the refunding announcement which we'll get presently.  Some are expecting the actual hard numbers announced for auction amounts to show their first drop, maybe a scant billion dollars across the board.  After all, we know issuance this quarter is expected to be down, we just don't know how soon they'll kick that off.

We'll get back to you when that hits, assuming there's an impact worthy of mention.  For now, it's a green Cinco de Mayo, and unless things turn around before you get them, AM rate sheets should be improved from yesterday.