July 22, 2026
Yields flat as markets await further earnings
Over in bond land, Treasury yields are unchanged before the opening bell Wednesday as market participants are closely monitoring earnings releases from leading companies across key sectors, along with evolving developments in the U.S.-Iran conflict. As of 6:55 AM ET, the yield on the 10-year note is unchanged at 4.63%, while the 30-year bond yield is also unchanged at 5.13%. The yield on the two-year note, which is more sensitive to changes in monetary policy, is unchanged at 4.26%.
Treasury yields were higher on Tuesday as a measure of non-manufacturing activity from the Federal Reserve (Fed) Bank of Philadelphia improved significantly in July. The yield on the 10-year note was up four basis points (0.04%) to 4.63%, while the 30-year bond yield rose two basis points (0.02%) to 5.13%. The yield on the two-year note increased five basis points (0.05%) to 4.26%.
On the data front, the Mortgage Bankers Association’s gauge of mortgage applications increased by 1.9% for the week ending July 17 versus the prior week’s decrease of 2.7%. The Department of Energy’s measure of crude oil inventories is expected to have decreased by 1.95 million barrels for the week ending July 17 versus the prior week’s decrease of 1.69 million barrels.
In the auction space, the U.S. Treasury is set to issue $72 billion in 17-week bills and $13 billion in 20-year bonds.
Municipal Market Commentary
The Bloomberg 30-day visible supply rose $2.309 billion to $16.668 billion on Tuesday, above the 12-month average of $13.992 billion.
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