US advanced Durable Goods orders for June 0.3% vs 2.5% expected, 10s -2bp · desk brief, Mon 27 Jul 2026

Treasuries (close 2026-07-24): 2s 4.33% (-4.0bp), 10s 4.69% (-2.0bp), 30s 5.16% (-1.0bp).

Tape (close 2026-07-24): VIX 18.58, 2s10s +36bp.

Narrative: U.S. and Iran pause fighting, Trump dismisses concerns of dwindling stockpiles

What mattered:

• US advanced Durable Goods orders for June 0.3% vs 2.5% expected

• Trump backs 'fantastic' Warsh while calling for lower rates and citing 'bad intentions' of other Fed officials

• Treasury yields tumble as Middle East tensions ease

• There's Now an 82% Chance of a Fed Rate Hike by mid-September -- Here's Why

• Fed Chair Kevin Warsh Faces a Committee Where 9 of 19 Members Are Signaling Higher Interest Rates This Year