Rates were little changed Monday ahead of this week’s Fed meeting despite the release of weaker than expected economic data. This morning, the March core PCE price index, the Fed’s preferred measure of inflation, fell 0.1%, below expectations for a flat reading. Personal Income rose 0.2%, a bit below forecast. Construction spending declined 0.2%. An increase of 0.5% had been expected. The Institute for Supply Management manufacturing index fell to 54.8, below the consensus forecast of 56.5. Readings above 50.0 indicate expansion in the manufacturing sector of the economy. No other key data will be released today. The Fed begins its periodic two-day Federal Open Market Committee meeting tomorrow to discuss monetary policy. A policy statement will be issued Wednesday at 2:00 PM. No rate increases are expected this week, but investors will be watching for clues about the timing of future increases.