Rates inched lower Tuesday following the release of weaker than expected economic data. This morning, the December Producer Price Index (PPI) fell 0.2%, below the consensus forecast for a decline of 0.1%. Core PPI, which excludes volatile food and energy components, decreased 0.1%, well below expectations for an increase of 0.2%, and was 2.7% higher year-over-year. Separately, the Empire State regional manufacturing index fell to 3.9, far below forecast. Readings above zero indicate expansion in manufacturing in the New York region. No other key data will be released today.