On initial review, there is little to like in the Housing Starts and Permits, though the revision of last MoM was significant -1.9% to 0.0. Otherwise, the PPI data was weaker than expected across categories.
Eurodollars and Treasuries NOT well higher following these reports. This could be an indication that market participants are a bit off-side long. More likely, the importance of the FOMC minutes release later today has lessened the impact from this news.
