We had a relief rally on the back end yesterday (Thursday), and it's carrying through to today.

We had a relief rally on the back end yesterday, and it's carrying through to today. Plus, with the refunding out of the way, it's lifted a weight off the market.

Today we played a very strong side.

The Empire State report was strong ... and the selling pressures stayed there.

Traders normally try to use the supply story to push rates higher.

Dealers weren't that interested even though we had good indirect bidding.