Daily Market Update 7/30/14

Rates inched higher Wednesday following the release of stronger than expected GDP data.  The preliminary estimate for second quarter GDP reported economic growth of 4.0% for the period ending June 30.  The final revision for first quarter GDP was lowered to -2.1% from -2.9%.  Separately, payroll processing firm ADP estimated an increase of 218,000 jobs in July, below forecast.  Stocks moved higher.  Results from today’s 7-year Treasury auction will be released at 1:00 PM.  The Federal Open Market Committee of the Fed wraps up its two-day meeting today and will issue a policy statement at 2:00 PM.  Investors will be looking for clues about the timing of future rate hikes.

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