Daily Market Update 8/2/16

Rates faced upward pressure Tuesday despite the release of weaker than expected economic data.  This morning, the Commerce Department reported that June Personal Income rose by 0.2% from May, below forecast.  Separately, the Core PCE price index, the Fed’s preferred measure of inflation, rose by 0.1% in June, short of expectations, and was a tame 1.6% higher than one year ago.  June Consumer Spending rose by 0.4%, a bit more than expected.  Stocks moved lower.  No other key data will be released today.

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