Producer Price Index ex Food & Energy (YoY): 4.7%, 10s -4bp — desk brief, Wed 15 Jul 2026

Treasuries (close 2026-07-14): 2s 4.18% (-8.0bp), 10s 4.58% (-4.0bp), 30s 5.08% (-2.0bp).

Tape (close 2026-07-14): VIX 16.5, 2s10s +40bp.

Narrative: Fed's Chair Warsh: The labor market is in good shape, not sure if the rate cuts are what caused that.

What mattered:

Producer Price Index ex Food & Energy (YoY): 4.7%
Producer Price Index (YoY): 5.5%
Producer Price Index (MoM): -0.28%
Producer Price Index ex Food & Energy (MoM): 0.20%
Spain headline annual inflation confirmed at 3.2% in June

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