Rates faced upward pressure Friday in extremely volatile trading following the release of mixed economic data. This morning, April Personal Income was unchanged from March. An increase of 0.1% had been expected. The Core PCE price index, the Fed’s preferred measure of inflation, was flat last month, and was a tame 2.0% higher than one year ago. Mortgage-backed securities prices initially moved higher, but fell sharply when the Chicago Purchasing Managers Index jumped to 58.7, far above forecast. Readings greater than 50.0 indicate expansion in manufacturing in the Midwest Region. Consumer Sentiment rounded out the day’s economic news, rising to 84.5, a six-year high. Mortgage rates rose 1/4% for the week and 5/8% for the month, reaching their highest levels in more than a year. Next week’s big news will be Friday’s Employment Report for May. No other key data will be released today.