This week's most hotly anticipated report--monthly core PCE inflation--came in 0.2% versus a median forecast of 0.3% this morning.  That's welcome news for a bond market that's been concerned about surprisingly high inflation numbers in Q1, but not a wholly resounding victory considering the unrounded number (.249%) was as high as it could have been without being rounded up to 0.3%.  Fortunately, other components of the report also leaned toward the bond-friendly side of the argument.  Cap it all off with an exceptionally weak Chicago PMI and bonds are starting the day with a move back into last week's 4.34-4.50 range.