Producer Price Index ex Food & Energy (YoY): 4.7%, 10s -4bp — desk brief, Wed 15 Jul 2026
Treasuries (close 2026-07-14): 2s 4.18% (-8.0bp), 10s 4.58% (-4.0bp), 30s 5.08% (-2.0bp).
Tape (close 2026-07-14): VIX 16.5, 2s10s +40bp.
Narrative: Fed's Chair Warsh: The labor market is in good shape, not sure if the rate cuts are what caused that.
What mattered:
• Producer Price Index ex Food & Energy (YoY): 4.7%
• Producer Price Index (YoY): 5.5%
• Producer Price Index (MoM): -0.28%
• Producer Price Index ex Food & Energy (MoM): 0.20%
• Spain headline annual inflation confirmed at 3.2% in June