Treasuries (close 2026-07-31): 2s 4.28% (+5.0bp), 10s 4.75% (+7.0bp), 30s 5.27% (+6.0bp).
Tape (close 2026-07-31): VIX 15.99, 2s10s +47bp.
Narrative: Gold Gains as Iran Talks Ease Concerns Over Interest-Rate Hike
What mattered:
• Lending platform stocks climb as the 10-year Treasury yield dips
• UK economy faces recession if strait of Hormuz remains closed, EY warns - as it happened
• NY Fed's John Williams warns rate hikes on table if inflation persists
• Fed's Williams sees inflation coming down in H2 and more next year
• Stock market today: Dow, S&P 500, Nasdaq futures rise as Trump calls off Iran attack, oil and bond yields ease