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From Standard & Poor's Equity ResearchAction Economics: Bonds rallied Friday morning after retail sales plunged in June, moderated by the jump in import prices. The T-note yield slipped 2 basis points to 5.11% after stalling into 5.15% overnight. The curve is very slightly narrower, with the 2s-10s spread trading inside +18 bp now. Much will depend on how badly the data tarnishes yesterday's record run on stocks, which could dictate follow-through demand on Treasuries. Up next are U. Michigan sentiment and inventories.