Market Analysis

The bond market opened better this morning but has been moving back towards par during the day.  The stock market is relatively flat despite economic data that was below expectations.

In economic news, Personal Incomes rose .4% wich was slightly less than the .5% expected.  Personal Spending increased .5% vs expectations of .6% to .7% increase.  The Core PCE Index increased 0% vs expectations of a .1% increase.  December Consumer Sentiment came in at 72.5 vs expectations of 73.5.  November New Home Sales dropped 11% vs expecations of a 2.1% increase.