The bond markets ended the month on a positive note.  This was despite a stronger than expected 2nd Qtr GDP decline of 1% vs an expected 1.5% decline.  Also this is amidst the backdrop of the Dow having its strongest July gain in 20 years, with the Dow up nearly 9%.  Bond investors appeared to shrug off the GDP report as one that will be revised downward.  They also responded to weak consumer spending and light inflation data in the report.