Treasury Market Preview by Trade the News Staff - No releases are scheduled in the U.S. today; however, two Fed officials are on the calendar. Fisher speaks on the economy at 10:45 a.m. and Yellen speaks on the economic outlook at 3:35 p.m. - Following the release of the IAEA report yesterday, which said that Iran has not suspended uranium enrichment activities, the five permanent member of the U.N. Security Council and Germany are preparing to meeting in London next Monday to start work on a new resolution to try to pressure Iran to halt its nuclear program. Germany's Chancellor, Merkel, said a short while ago that the door to talks is open with Iran, but the IAEA report showed that Iran is not meeting its nuclear obligation. Iran's President said earlier today that âThe Iranian nation has resisted all bullies and corrupt powers and it will fully defend its rights.â - A major wire noted this morning that the probability that the Fed will cut rates by a ¼ pt at its September meeting dropped to 51% yesterday from 83% at the end of last week, while the odds of a ¼ pt cut at the August meeting fell to 20% from 32%. - In European economic news, the IFO Business Climate Index in Germany fell more than expected in Feb. to 107 from 107.9. The Current Assessment Index likewise declined more than expected to 111.6 from 112.8, while the Expectations Index dropped to 102.6 from 103.2. Also in Germany, Construction Orders fell 9.9% YoY on a non-seasonally adjusted basis in Dec. In the United Kingdom, preliminary Q4 GDP came in at 0.8%, matching expectations, while Q3 GDP was revised down to 0.7% from 0.8%. Private Consumption in the U.K. in Q4 increased more than expected by 1.0%. In France, Consumer Spending rose 1.2% in Jan. above expectations of 0.2%. Finally, ECB's Trichet commented earlier that inflation expectations are in line with price stability. He also said that the G7 sent a clear message on currencies, adding that non-floating Asian currencies need a proper and orderly appreciation. - In Asia, BOJ Governor, Fukui, said today that interest rates will stay very low. Japan's Finance Minister, Omi, said that the economy and financial markets are solid following the rate increase. - At 8:10 a.m. the 30Y future is up 6 tick at 111 8/32, the 10Y future is higher by 3 ticks at 107 13/32 and the 2Y future is flat at 101 28/32.