Inflation has biggest drop since 2020, 10s +6bp — desk brief, Tue 14 Jul 2026
Treasuries (close 2026-07-13): 2s 4.26% (+5.0bp), 10s 4.62% (+6.0bp), 30s 5.1% (+4.0bp).
Tape (close 2026-07-13): VIX 17.16, 2s10s +36bp.
Narrative: Fed's Waller: Not interested in symbolic rate hikes.
What mattered:
• Inflation has biggest drop since 2020
• US inflation fell more than expected to 3.5% in June as oil prices tumbled
• U.S. CPI inflation fell to 3.5% in June 2026 on gasoline drop
• Treasuries Rally as Cool CPI Data Cuts July Fed Hike Bets to 20%
• Inflation Slowed to 3.5% in June, as Americans Got a Break From Gasoline Prices