Daily Market Update 7/21/16

Rates inched higher Thursday as investors lowered their expectations for looser monetary policy in Europe and Japan.  This morning, the European Central Bank made no change in policy.  In addition, Bank of Japan officials downplayed the need for further stimulus measures.  In the U.S., weekly Jobless Claims fell to 253,000, well below forecast.  The National Association of Realtors reported June Existing Home Sales rose to 5,57 million annual units, beating expectations.  The Philly Fed regional manufacturing index fell unexpectedly to -2.9.  Readings below zero indicate contraction in manufacturing in the Philadelphia region.  Leading Indicators rose 0.3%, matching forecast.  No other key data will be released today.

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