Bonds opened relatively flat, but have since deteriorated slightly.  So far our rate sheets are flat.  Bonds are under slight pressure this morning as the ADP Private Sector Employment report showed 20,000 jobs lost.  This was actually slightly worse than analysts had been expecting but was close enough that it is causing some speculation that Friday's February Non Farm Payroll report could match expectations or be slightly better.  Separately, the Institute of Supply Managerment's February Service Sector Index increased to 53.0, which was better than the 51.0 the market was expecting and the 50.5 reading in January.