Treasuries Higher

Treasuries were higher fueled by the negative GDP outlook

S&P MARKETSCOPE: Treasurys were higher fueled by the negative impact on the GDP outlook. The U.S. government posted $3.44 billion budget deficit in December. The 5-year note sale was disappointing. Notes were awarded at 3.731%, above expectations. Indirect bidders took 39.8%, well below December's record 65.8%, but only slightly below the 2004 average of 43.7%. The bid/cover was also on the soft side of expectations at 2.37. The market is awaiting tomorrow's December Retail Sales report, which is expected to rise 1.1%.

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