US Treasuries
After the release of the inflation numbers….ten year notes rallied from 4.61% to 4.56%. We settled in at 4.55% for the rest of the day.
- 10s closed on Wednesday at 4.54 [Wednesday’s range in 10s: 4.535/4.61]
- 2s closed on Wednesday at 4.125 [Wednesday’s range in 2s: 4.125/4.22]
- 2y – 5y: + 13 bps
- 2y – 10y: + 42 bps
Bloomberg: Fed’s Beige Book Shows Slight to Moderate Growth Across US
Fed Speak Today:
- Fed’s Williams: Says Rates Are Well Positioned Despite AI Demand
- Fed’s Warsh: Says Price Pressures From AI Are Not Necessarily Inflationary and Says He’s Told Trump ‘Repeatedly’ He’s Independent
- Fed’s Cook: Says She’s Prepared to Act If Inflation Doesn’t Cool
Conference Call Replay
Click Here to Access the Replay
Commodities
- Gold increased to $4,062.54 an ounce [75% of its recent high of $5,417 an ounce on 1/28/26]
- Silver was relatively unchanged at $58.07 an ounce [50% of its recent high of $116.70 an an ounce on 1/28/26]
- Copper was relatively unchanged at 632.40 [95% of its recent high of 667 on 6/2/26]
Upcoming US Treasury Supply
S&P 500 Put / Call Ratio
- CBOE SPX Put/Call Ratio (open interest) on 7/14/2026: 1.36
- CBOE SPX Put/Call Ratio (volume) on 7/14/2026: 1.18
Intraday the News
- OilPrice: China’s Refinery Runs Crash to Pandemic Lows as Crude Imports Collapse
- ZeroHedge: Why Central Banks Love A Gold Sell-Off
- Supply Chain Brain: U.S. Treasury Department Takes Aim at Iranian Oil Shipping Network
Upcoming Economic Releases & Fed Speakers
- 7/16/2026 at 08:30am EST: Retail Sales
- 7/16/2026 at 10:00am EST: NAHB Housing Market Index & Pending Home Sales MoM / YoY
- 7/16/2026 at 12:30pm EST: Fed’s Logan Speaks on the Economy and Monetary Policy
- 7/16/2026 at 01:25pm EST: Fed’s Schmid Speaks at Kansas City Fed Economic Forum
- 7/16/2026 at 07:00pm EST: Fed’s Jefferson Speaks on Economy and Monetary Policy
- 7/17/2026 at 08:30am EST: Housing Starts / Building Permits
- 7/17/2026 at 10:00am EST: University of Michigan Sentiment
- 7/18/2026 – 7/30/2026 : Fed’s External Communication Blackout
Upcoming Earnings Releases for Thursday, July 16, 2026
Noteworthy Before-the-Open Earnings Release
|
Company |
Symbol |
Earnings estimate |
|
Simply Good Foods |
SMPL |
$0.35 per share |
Noteworthy After-the-Close Earnings Release
|
Company |
Symbol |
Earnings estimate |
|
Netflix |
NFLX |
$0.79 per share |
|
Alcoa |
AA |
2.32 |
|
Cohen & Steers |
CNS |
0.83 |
|
F.N.B. |
FNB |
0.42 |
|
Simmons First National |
SFNC |
0.52 |