Rates held steady Friday in quiet trading. Personal Income increased 0.5% in August, better than expected. The Core PCE price index, the Fed’s preferred measure of inflation, rose 0.1% from July, and was a tame 1.4% higher than one year ago. The Institute for Supply Management manufacturing index fell to 54.4, a bit below forecast. Readings above 50.0 indicate expansion in the manufacturing sector. Construction Spending rose 0.4%, beating expectations. Federal Reserve of New York President William Dudley stated that further Fed action to stimulate the economy is “likely to be warranted” unless the economy improves quickly. No other data will be released today.