Rates moved lower Friday following the release of weaker than expected economic data in the U.S. and a sharp decline in global stock markets. This morning, December Retail Sales fell 0.1%, below the consensus for a flat reading. Excluding the volatile auto component, sales also fell 0.1%, well below the consensus forecast for a 0.2% increase. Separately, December Industrial Production declined 0.4%, below expectations. The Empire State regional manufacturing index fell to -19.4, far below the expected reading of -4.0. Readings below zero indicate contraction in manufacturing in the New York region. The Producer Price Index (PPI) fell 0.2% in December, close to forecast. Core PPI, which excludes volatile food and energy components, rose 0.1% and was a tame 0.3% higher than one year ago. On a positive note, Consumer Sentiment rose to 93.3. A reading of 93.0 was expected. No other key data will be released today.