The April preliminary University of Michigan Consumer Sentiment Index fell to87.8 vs 91.5 in March, showing that job losses and falling stock prices are havinga negative effect on consumers. Yields on cash treasuries across the curve fell 2to 4 basis points while the pit reported good buying in fast market conditions.Activity in Fed funds futures picked up on the data as April began to price in a 14%chance of an intermeeting ease. Minutes after the Michigan data was released,FHLB priced a surprise $3.0 billion 3Y deal at +66. Cash 5s popped on thepricing, apparently in a rash of rate-lock unwinds. Activity in eurodollar futureswas enormous. A foreign firm bought 10K Jun contracts. But as equities traded inpositive territory, treasuries retreated completely, falling well in the red. The slidecontinued unabated until at the 1:00 PM EDT futures close.