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US Treasuries
- UST 10s on Friday closed at 4.08%. The range for the week was 4.015% – 4.10%
- 10s have traded in a range of 4.015% / 4.30% for the month.
Zones for next week:
- 1st weekly support at 4.12% / 4.135% 80% to hold on the week
- 2nd weekly support at 4.175% / 4.19% 90% to hold on the week
- 1st weekly resist at 4.015% / 4.03% 75% to hold on the week
- 2nd weekly resist at 3.97% / 3.985%
- –> 1st monthly resist at 4.12% / 4.14% this zone has held for last 11 months
- –> 2nd monthly resist at 4.03% / 4.055% 80% to hold on the week
Bloomberg: Tariff Ruling Fuels Bond-Market Angst by Worsening US Deficit
In the News
TribLive: Tariffs paid by midsize U.S. companies tripled last year, a JPMorganChase Institute study shows
CNBC: California’s housing crisis has turned RVs into rental properties
CNN: Egg prices have plummeted. That’s great news for consumers – and a crisis for farmers.
BeefMagazine: The development of Oklahoma’s beef cow herd

US Trade Fails
As of 2/19/2026, U.S. Treasury Fails were $17.17 billion and U.S. Agency Fails were $13.25 million.

TIPS by Maturity (data through 2/11/2026)
Week over Week Changes by Maturity
- < 2 years: $25.1 Bn on 2/04/2026 to $24.9 Bn on 2/11/2026 = ($0.2 Bn)
- 2 – 6 years: $2.0 Bn on 2/04/2026 to $5.3 Bn on 2/11/2026 = $3.3 Bn
- 6 – 11 years: $2.7 Bn on 2/04/2026 to $1.5 Bn on 2/11/2026= ($1.2 Bn)
- > 11 years: $838 Mn on 2/04/2026 to $1.0 Bn on 2/11/2026 = $173 Mn

Upcoming US Treasury Supply

Tentative Schedule of Treasury Buyback Operations

Upcoming Economic Releases & Fed Speak
- 2/23/2026 at 08:30am EST: Chicago Fed Nat Activity Index
- 2/23/2026 at 08:45am EST: Fed’s Waller Speaks on Economic Outlook
- 2/23/2026 at 10:00am EST: Factory Orders / Ex Trans / Durable Goods Orders / Ex Transportation
- 2/23/2026 at 10:00am EST: Cap Goods Orders Nondef Ex Air / Cap Goods Ship Nondef Ex Air
- 2/23/2026 at 10:30am EST: Dallas Fed Manuf. Activity
- 2/24/2026 at 08:00am EST: Fed’s Goolsbee Speaks on Economy
- 2/24/2026 at 08:15am EST: ADP Weekly Employment Change
- 2/24/2026 at 08:30am EST: Philadelphia Fed Non-Manufacturing Activity
- 2/24/2026 at 09:00am EST: Fed’s Collins Gives Opening Remarks
- 2/24/2026 at 09:00am EST: Fed’s Bostic in Moderated Discussion
- 2/24/2026 at 09:00am EST: FHFA House Price Index MoM / House Price Purchase Index QoQ
- 2/24/2026 at 09:00am EST: House Price Purchase Index MoM
- 2/24/2026 at 09:00am EST: S&P Cotality CS 20-City MoM SA / YoY NSA / S&P Cotality CS US HPI YoY NSA
- 2/24/2026 at 09:10am EST: Fed’s Waller Gives Keynote Address
- 2/24/2026 at 09:35am EST: Fed’s Cook Speaks on AI
- 2/24/2026 at 10:00am EST: Richmond Fed Manufact. Index / Business Conditions
- 2/24/2026 at 10:00am EST: Conf. Board Consumer Confidence / Present Situation / Expectations
- 2/24/2026 at 10:00am EST: Wholesale Inventories MoM / Trade Sales MoM
- 2/24/2026 at 10:30am EST: Dallas Fed Services Activity
- 2/24/2026 at 03:15pm EST: Fed’s Barkin & Collins on Panel
- 2/25/2026 at 07:00am EST: MBA Mortgage Applications
- 2/25/2026 at 10:40am EST: Fed’s Barkin Speaks on Panel
- 2/25/2026 at 01:20pm EST: Fed’s Musalem Speaks on Role of Fed
- 2/26/2026 at 07:00am EST: MBA Mortgage Applications
- 2/26/2026 at 08:30am EST: Initial Jobless Claims / Initial Claims 4-Wk Moving Avg / Continuing Claims
- 2/26/2026 at 11:00am EST: Kansas City Manf. Activity
- 2/27/2026 at 08:30am EST: PPI Final Demand MoM and YoY/ PPI Ex Food and Energy MoM and YoY
- 2/27/2026 at 08:30am EST: PPI Ex Food, Energy Trade MoM and YoY, PPI Final Demand MoM and YoY
- 2/27/2026 at 09:45am EST: MNI Chicago PMI
- 2/27/2026 at 10:00am EST: Census Releases Nov and Dec. Construction Spending Data
- 2/27/2026 at 10:00am EST: Construction Spending MoM
- 2/27/2026 at 11:00am EST: Kanas City Fed Services Activity
Upcoming Earnings Releases for Monday, February 23, 2026
Noteworthy Before-the-Open Earnings Releases

Noteworthy After-the-Close Earnings Releases

