Rates eased slightly on Friday following the release of weaker than expected economic data. This morning, second quarter GDP grew at a rate of just 1.2%, well below the consensus forecast of 2.6%. This was the third straight quarter below 2%. While consumer spending was relatively strong, business investment was weak. Separately, the Chicago Purchasing Managers Index declined to 55.8, beating expectations. Readings above 50.0 indicate expansion in manufacturing in the Midwest region. Consumer Sentiment fell to 90.0, a bit less than expected. Overseas, the Bank of Japan made no change in rates or bond purchases, disappointing some investors. Stocks moved lower. No other key data will be released today.