Rates faced upward pressure Tuesday as the Fed began its two-day meeting to discuss monetary policy. This morning, stronger than expected economic data in Asia and Europe caused bond yields to move higher. Purchasing Manager Indices in China, Japan, South Korea, and several European countries beat expectations. The Bank of Japan made no policy changes. In the U.S., Construction Spending fell 0.4%, well below forecast. The Institute for Supply Management manufacturing index rose to 51.9, slightly better than expected. Readings above 50.0 indicate expansion in the manufacturing sector. The Fed will wrap up its meeting and issue a policy statement tomorrow at 2:00 PM. No other key data will be released today.