Daily Market Update 2/2/15

Rates were little changed Monday as newly released economic data came in close to expectations.  This morning, the December Core PCE price index, the Fed’s preferred measure of inflation, was unchanged, matching forecast, and was a tame 1.3% higher than one year ago.  Personal Income rose 0.3%, in line with expectations.  The Institute for Supply Management manufacturing index fell to 53.5, a bit lower than expected.  Readings above 50.0 indicate expansion in the manufacturing sector.  Construction Spending rose 0.4%, below the consensus forecast of 0.8%.  No other key data will be released today.

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