Economic data for the week included the U.S. Federal Reserve keeping interest rates on hold, U.S. GDP for Q2 growing at a pace slightly below trend, as well as moderate gains in personal income and spending, durable goods orders, and home prices. Consumer sentiment remained mixed.

Equities saw gains globally, with decent earnings and lack of Middle East escalation. Bonds were mixed, as yields rose. Commodities fell along with oil prices, coupled with a fading in Middle East tensions early in the week.

At the July meeting, the U.S. Federal Reserve Open Market Committee voted to keep the Fed funds rate unchanged at the current range of 3.50-3.75%. The vote was 9-3, with dissents from Hammack, Kashkari, and Logan, all of whom preferred to raise rates by 0.25%.