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DAILY BRIEF

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

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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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