Bonds are slightly improved this morning on a weaker than expected Initial Estimate of GDP growth for the 4th Qtr.  Growth came in at 2.8% compared to expectations for 3.2% growth and 3rd Qtr growth of 1.8%.  Increases in inventories accounted for more of the growth than expected and consumer demand was lower than expected.  Separately, the University of Michigan final Consumer Sentiment index for January came in at 75.0 vs an expected 74.2.