Good Morning. 830am data has been released. Housing Starts were much worse than expected as were Building Permits. The yield curve is flatter and the benchmark 10yr note yield has extended overnight gains after the data release, currently -5.5bps at 3.253%. Rate sheet influential prices are higher and yield spreads are wider after the data. The FN 4.0 is currently +0-10 at 99-24 and the FN 4.5 is +0-08 at 102-20. The secondary market current coupon is 4.6bps lower at 4.057%. Whether or not this interest rate rally sticks is a function of the stock lever. Currently S&P futures are -7.00 at 1102.25. The S&P finds support at 1100 at 1096. If these levels hold and buying accumulates...interest will likely retest higher levels. ...