Treasuries (close 2026-08-20): 2s 4.19% (+0.0bp), 10s 4.69% (+4.0bp), 30s 5.23% (+4.0bp).
Tape (close 2026-08-20): VIX 16.01, 2s10s +50bp.
Narrative: St. Louis Fed's Musalem would have favored a rate hike in July
What mattered:
• S&P Global Services PMI: 56.8
• Germany · HCOB Manufacturing PMI: 54.1
• Germany · HCOB Services PMI: 48.5
• Eurozone · HCOB Manufacturing PMI: 52.8
• Treasuries See Further Downside Amid Concerns About U.S. Debt
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