The July Institute of Supply Management index came in at 49.5 vs an expected 48.5.  The stock market responded favorably to this news, with the Dow currently up approx 155 points.  Typically better than expected economic news and stock market performance puts upward pressure on rates.  We are being helped to stay flat so far this morning by dropping crude oil prices.  The Fed meets today and the markets will be looking closely at their post meeting statements for hints of just how concerned the Fed is about inflation.  We will post an update to the Market Analysis section of our website once the market responds to Fed comments this afternoon.