Treasuries kicked off the session under mild pressure as traders booked profits from yesterday's solid gains. Profit taking accelerated, however, as Q4 GDP was revised higher to +1.4%, well above expectations in the 0.5% area. That isolated the Q3 2001 drop, leaving it to be the only negative quarter since the 1991 recession. Economists are beginning to look for robust growth in Q1 due to the surprisingly solid Q4 sales growth and an equally surprising collapse in inventories. Treasuries extended their losses following the release of the Chicago PMI, which jumped to 53.1 in February from 45.1. This is the first time since July 2000 that the index has been above the 50 threshold, indicating expansion.