Rates moved higher Wednesday following the release of stronger than expected employment data. This morning, weekly Jobless Claims fell to 320,000, the lowest level since October 2007. Continued improvement in the employment picture reduces the likelihood that the Fed will delay the tapering of its “quantitative easing” program. In other news, the July Consumer Price Index (CPI) rose 0.2%, in line with expectations, and was 2.0% higher than one year ago. Core CPI, which excludes volatile food and energy components, also increased 0.2%. Industrial Production was unchanged, a bit below forecast. The Empire State Index and the Philly Fed Index, two separate surveys of manufacturers in their respective regions, both fell short of expectations. Stocks moved sharply lower. No other key data will be released today.