Daily Market Update 7/17/13

Rates inched lower following weaker than expected economic data and Fed Chairman Bernanke's testimony before Congress.  Bernanke emphasized that a highly accommodative monetary policy will remain appropriate for a long time, and that the Fed's timeline to taper its bond purchase program depends on the future performance of the economy.  In economic news, June Housing Starts declined by 10% to 836,000 annual units, far below expectations.  Building Permits, a leading indicator, fell 8%.  The Beige Book, a survey of economic activity by the 12 regional Fed banks, will be released at 2:00 PM.