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DAILY BRIEF

ECB facing mid-sized inflation shock, will get to 2% in year or so, La, 10s +4bp — desk brief, Fri 24 Jul 2026

Treasuries (close 2026-07-23): 2s 4.37% (+6.0bp), 10s 4.71% (+4.0bp), 30s 5.17% (+2.0bp).

Tape (close 2026-07-23): VIX 18.7, 2s10s +36bp.

Narrative: Oil Soars As Trump Warns Iran Will Pay For Future Houthi Shipping Attacks, Rubio Rules Out Deal

What mattered:

• ECB facing mid-sized inflation shock, will get to 2% in year or so, Lane says

• S&P Global Services PMI: 53.6

• The July Flash S&P Global Manufacturing 53.8 vs 54.3 estimate

• Treasury yields slide as oil prices fall amid hopes for new U.S.-Iran peace talks

• Treasury yields retreat as oil prices fall amid hopes for new U.S.-Iran peace talks

Follow this live on the Helious desk