Turkey Rates to Stay Put as Middle East War Impedes Disinflation, 10s +3bp — desk brief, Wed 22 Jul 2026

Treasuries (close 2026-07-21): 2s 4.26% (+5.0bp), 10s 4.63% (+3.0bp), 30s 5.13% (+2.0bp).

Tape (close 2026-07-21): VIX 17.05, 2s10s +37bp.

Narrative: UniCredit: Has the Iran War Become Background Noise for FX?

What mattered:

Turkey Rates to Stay Put as Middle East War Impedes Disinflation
Berenberg: UK Outlook
South African Inflation Jumps on Eve of Interest Rate Verdict
Thai Bond Rally Gathers Pace as Supply Falls, Inflation Slows
Alphabet Earnings Need to Show Cloud Growth as AI Spending Soars

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