Economic data, not surprisingly, is mixed. Retail sales surged, housing starts fell, and industrial production grew modestly. The CPI accelerated but it was due to temporary special factors. From a market perspective, the retail sales figures were the best news for equity investors and the worst news for bond investors. The equity market posted healthy gains early in the week then fluctuated moderately later in the week. All major stock indices improved from last Friday. In contrast, bond prices fell, and yields rose, as market players expect economic growth to accelerate.