Daily Market Update 7/28/16

Rates inched lower Thursday reflecting yesterday’s late rally in mortgage-backed securities.  The Fed made no change in the Federal Funds rate on Wednesday, as expected, but modestly upgraded its assessment of the U.S. economy.  Investors now assign about a 50% chance of a rate hike in 2016.  This morning, weekly Jobless Claims rose to 266,000, close to forecast.  Results from today’s 7-year Treasury auction will be released at 1:00 PM.

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