Daily Market Update 3/2/15

Rates were little changed Monday as today’s key economic data came in close to expectations.  This morning, the January Core PCE price index, the Fed’s preferred measure of inflation, rose 0.1%, matching forecast, and was a tame 1.3% higher than one year ago.  January Personal Income rose 0.3%.  The Institute for Supply Management manufacturing index fell to 52.9, a bit lower than expected.  Readings above 50.0 indicate expansion in the manufacturing sector.  Construction Spending declined by 1.1%, below the consensus forecast of +0.2%.  Stocks moved higher.  No other key data will be released today.

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