Rates inched higher Tuesday as a rally in stocks hurt mortgage-backed securities. Today’s economic data contained few surprises. The May Producer Price Index (PPI) rose 0.2% from April and was 7.3% higher than one year ago. Core PPI, which excludes volatile food and energy components, rose at a 2.1% annual rate, in line with expectations. May Retail Sales fell 0.2%, the first monthly decline since June 2010, but better than the consensus forecast of -0.7%. China’s central bank raised reserve requirements for the sixth time this year in an effort to fight inflation. No other key data will be released today.