Treasury prices are mostly unchanged this morning as news that China has reiterated a pledge for more EU assistance was offset by the cancelation of a planned EU finance ministers meeting today.  In place of the meeting, a teleconference will be held as concern lingers about whether Greek leaders can stick to the new austerity measures. 

Today's US economic calendar is quite busy with a slew of data set to be released.  The weekly MBA mortgage applications index showed a modest -1% dip as mortgage rates edged higher.  Refinances eked out a 0.8% increase while purchases posted -8.45% drop.  Meanwhile, the Empire State Manufacturing report showed a better than expected gain of 19.53 vs predictions of a 15.0 gain.  Later this morning, data on US industrial production and home building is set to be released followed by the notes on the latest FOMC meeting. 

Currently, the 10yr yield is at 1.926% (1.957% Tuesday) and the 2-10 yield spread is at 164bps, 3bps flatter since yesterday morning.