- Retail Sales down 2.8 versus 2.1 consensus
- Import Prices down 4.7%, largest declines since 1988
- At ECB Conference, Bernanke says nothing surprising: tentative imrprovement in credit markets, excessive risk, excessive leverage and that more measures should be taken by central banks to increase liquidity

So Far 5.5's have had a pretty quiet morning, range-bound between 99-25 and 99-28. At 99-27 currently, we're 8 ticks improved from yesterday's going out levels.

So far, no appreciable reaction to the economic data.