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

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