Daily Market Update 7/15/08

Rates held steady Tuesday as the impact of two key economic reports offset one another. The Producer Price Index came in at a higher than expected annual rate of 9.2% (although the "core" rate, excluding food and energy compenents, rose a more tame 3.0%), but Retail Sales fell short of expectations, rising just 0.1% from May. Federal Reserve Chairman Ben Bernanke testified before Congress, providing a more gloomy assessment of the economy than expected. The dollar hit new lows against the euro. Stocks moved lower on Bernanke's comments.