The credit markets looked to Tuesday's U.S. economic data hoping for some definitive market direction. CPI came in as expected at +0.1% as did housing starts at -1.3%. U.S. Treasuries staged a brief uptick while the curve unwound some of its sharp overnight steepening. Industrial production was up 0.4% while capacity utilization rose to 79.4%. The numbers were mildly market-unfriendly resulting in yields blipping up about 2 basis points across the curve. BY 3:00 p.m. EDT, Treasuries had staged a tidy rally, pushing yields nicely lower across the curve vs the Monday close. The 2Y yield fell 9.7bps to end at 4.38%. The 5Y yield dropped 9.3bps to end at 4.805%. The 10Y yield shed 8.7bps to end at 5.198%. The 30Y yield gave up 4.8bps to end at 5.657%.