Bonds are under a bit of pressure this morning.  January Industrial Production was up 0.9%, vs expectations of a .8% increase.  Capacity Utilization was 72.6% which was exactly what the market was expecting and is the best showing for this number since Dec 2008.  January housing starts were up 2.8% which was a lower % increase than the 4% the market had been expecting, but December starts were revised up to a .7% increase vs initial estimates of a 4% decrease.  As such the annualized number of starts at 591,000 was higher than the 580,000 the market had been expecting.  Building permits were down 4.9% to a 621,000 annualized pace which was almost dead on with the 620,000 the market had been expecting. This afternoon the minutes from the most recent Fed Open Market Committee meeting will be released.  We could see volatility if something in the minutes spooks investors in either stocks or bonds.