Bonds open higher after yesterday's steep sell-off as investors look for some bargains feeling the plunge was a bit worse than it should have been currently up 35bps. ADP Private Employment in March increased by 209K, just below the estimate of 217K. Stock futures weak after the Fed doesn't signal QE3 coupled with a weak Spanish bond auction, Dow currently down 147 points. The European Central Bank sees downside risks to its economy - inflation risks weaker than expected, which is Bond friendly news. The ISM Service Index falls to 56.0 March from the previous reading of 57.3 and below the 56.7 expected. Cautiously rate floating bias.