	trading range likely to continue in debt futures u s economic data due out next week is unlikely to hold any surprises that will shake u s  rate futures out of their relatively narrow trading range of the last months financial analysts said people don t seem to have any firm conviction about the current strength of the economy or about the federal reserve doing anything said drexel burnham lambert analyst norman mains the narrow range trading is also taking its toll on trading volume he noted we ve had a decline in activity as recent economic statistics have not greatly changed people s viewpoints on  rates mains said the data which has provided not clear cut view of the economy coupled with dampened activity in the foreign exchange markets after the paris initiative has made for less than ebullient market action mains said he added however that treasury bond futures could be in for a retracement after the recent rise as they are near the top of the trading range my view is that the economy remains relatively strong and market participants will see that current prices are unjustified mains said refco inc senior vice president michael connery also noted that the market is showing very little momentum and lacks retail  all of the movement occurs at the opening afterwhich volume dwindles and momentum fades connery said although data during the week was mildly positive for bond prices the small rise in february producer prices and downward revisions in january retail sales and industrial production were not real exciting said prudential bache analyst fred leiner there is no one factor that will push us through the highs at this moment leiner said next week s revision to fourth quarter u s gross national product is also likely to be of little  to the market said kleinwort benson chief financial economist sam kahan still forecasts for first quarter gnp could play a role in the direction of bond prices over the next month kahan said his early estimate for first quarter growth is around three pct due largely to a buildup in inventories reflected in the january inventory data friday which showed the largest increase since the key question will be not whether there is a large increase in first quarter gnp but whether any increase is sustainable or a one shot deal kahan said he said that a sizable increase in first quarter gnp stemming from an increase in inventories will be a drag on second quarter growth if that is the case gnp in the second quarter could ease back to a one to two pct growth rate kahan said reuter 
