End of Day Summary – June 23, 2026

US Treasuries

• Big focus on equity markets
• 10s closed on Tuesday at 4.49      [Tuesday‘s range in 10s: 4.47/4.50] 
• 2s closed on Tuesday at 4.19        [Tuesday’s range in 2s: 4.18/4.21]
• 2y – 5y:   + 7   bps
• 2y – 10y: + 30 bps  

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Intraday Commentary From Jim Bianco 

The stock market seems to be reacting to the 10% sell-off in South Korea’s KOSPI (circuit breaker at 10%) last night.

As this chart shows, a 10% down day is not even its biggest one-day decline this year, and it is still up 94% YTD. Samsung and SK Hynix are 51% of this index, and these two stocks have been roaring higher with the semiconductor trade.

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Last night, the CoT report for June 16 was released (delayed because of last Friday’s holiday). Recall that the London Brent report was released on Friday. Here is the combined positioning of money managers.

As I noted yesterday, with the Brent Contract alone, the betting on $200 oil is now gone. Does this mean the market is now vulnerable to $200 oil?

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Intraday News Moving Markets

• Bloomberg: ‘Looking Over Our Shoulder:’ Traders Are Loading Up on VIX Calls
• Upcoming Treasury Auctions: Wednesday, (06/24/26): $70 Billion UST 5y Note Auction and Thursday, (06/25/26): $44 Billion UST 7y Note Auction
• On Deck Thursday, (06/25/26): PCE and GDP

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Join Us For Our Next Conference Call Tomorrow: Wednesday, June 24, 2026, Featuring Jim Bianco 

Click Here to Register

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Upcoming US Treasury Supply 

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Commodities

In the News

OilPrice: How Many Barrels of Oil Do AI Data Centers Consumer on a Daily Basis?

CNBC: U.S. fights with Brazil for China’s giant soybean market

Yahoo!Finance: Oracle cut 21,000 jobs as AI buildout continues

Bloomberg: Europe Has $200 Billion Treasury Leverage Over US, Study Argues

Arbor Data Science: The Shifting Map of Foreign Treasury Holdings