Finally we are seeing relief in bond market despite a September Personal Income and Spending report that came in better than expected on the income side and worse than expected on the inflation side.  Personal Income rose .2% vs and expected increase of .1%, Personal Spending was down .3% which was the target decline and the Personal Consumption Expenditure Index (a favorite measure of inflation of the Fed) was up .2% vs an expected increase of .1%.   We are cautiously watching the market today.  If the strength in the market can hold it may make sense to float to see if additional momentum builds next week.  If the early strength in the bond market dissipates during the day then it may make sense to lock and then renegotiate should rates improve later.