Daily Market Update 7/15/15

Rates were little changed Wednesday ahead of Fed Chairwoman Janet Yellen’s semi-annual testimony before Congress and a key vote in Greece.  Yellen is expected to discuss Fed plans to begin raising interest rates later this year.  Greek Parliament is scheduled to vote on implementing economic reforms as a condition of receiving additional bailout funds from creditors.  In economic news, the June Producer Price Index (PPI) rose 0.4%, above the consensus forecast of 0.3%, but was still 0.7% lower than one year ago.  Core PPI, which excludes volatile food and energy components, increased 0.3% and was 0.8% higher year-over-year.  The Empire State regional manufacturing index came in a bit stronger than expected.  The Fed’s Beige Book, a survey of economic activity by the 12 regional Federal Reserve Banks, will be released at 2:00 PM.

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