End of Day Summary – July 6, 2026 – Arbor Research & Trading, LLC

US Treasuries

Treasuries were mixed, with the yield on the UST 10y Note at 4.48%, while equities gained led by a rally in tech stocks.

10s closed on Monday at 4.48 [Monday’s range in 10s: 4.45/4.49]
2s closed on Monday at 4.12 [Monday’s range in 2s: 4.10/4.135]
2y – 5y: + 9 bps
2y – 10y: + 35 bps

Fed’s Waller: Says ‘Forward Guidance’ Needs to Be Flexible

Commodities

Gold decreased to $4,164.96 an ounce [77% of its recent high of $5,417 an ounce on 1/28/26]
Silver decreased to $62.17 an ounce [53% of its recent high of $116.70 an an ounce on 1/28/26]
Copper increased to 620.05 [93% of its recent high of 667 on 6/2/26]

On Deck This Week:

$58 Bn UST 3y Note Auction tomorrow, Tuesday, July 7th
$39 Bn UST 10y Note Auction (Reopening) on Wednesday, July 8th
FOMC Meeting Minutes will be released on Wednesday, July 8th
$22 Bn UST 30y Bond Auction (Reopening) on Thursday, July 9th

Upcoming US Treasury Supply

Intraday Commentary From Jim Bianco

GDPNow for Q2 2026 dove from 3.1% to 1.2% between June 24 and June 26, almost entirely because of a trade-deficit blowout and an inventory drawdown in the June 26 Advance Economic Indicators report — not weaker domestic demand.

Real final sales to domestic purchasers are still nowcast at 2.9%. This is GDP without inventories or trade, and points to a very strong consumer (yes, that “consumer” might be data center spending).