Rates inched lower as newly released economic data fell short of expectations. This morning, June Personal Income was unchanged from May, well below the consensus forecast for an increase of 0.3%. The Core PCE price index, the Fed’s preferred measure of inflation, rose 0.1%, matching estimates, and was 1.5% higher year-over-year. The Fed’s target rate for inflation is 2.0%. Construction Spending fell 1.3%. An increase of 0.5% had been expected. The Institute for Supply Management manufacturing index declined to 56.3, close to forecast. Readings above 50.0 indicate expansion in the manufacturing sector of the economy. Stocks moved higher. No other key data will be released today.