Daily Market Update 2/1/16

Rates were little changed Monday in volatile trading.  In economic news, the December Core PCE price index, the Fed’s preferred measure of inflation, was unchanged, and was a tame 1.4% higher than one year ago.  Personal Income rose 0.3%, matching forecast.  The Institute for Supply Management manufacturing index came in at 48.2, a bit below expectations.  Readings below 50.0 indicate contraction in the manufacturing sector. Construction Spending increased by 0.1%.  An increase of 0.6% was expected.  No other key data will be released today.

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