End of Day Summary – May 14, 2026

US Treasuries

• Treasuries were mixed with yields higher in the short end as oil prices rose in the afternoon 
• 10s closed on Thursday at 4.465 [Thursday’s range in 10s: 4.43/4.47] 
• 2s closed on Thursday at 4.00 [Thursday’s range in 2s: 3.95/4.00]
• 2y – 5y:   + 13  bps
• 2y – 10y: + 47 bps  

• Fed Speak: Fed’s Miran to Step Down as Governor on Warsh Swearing In
• Fed Speak: Fed’s Schmid Says Inflation Is Most Pressing Risk to US Economy
• On Deck tomorrow: Empire Manufacturing; Industrial Production & Capacity Utilization 
• On Deck next week: $16 billion UST 20y Bond Auction (Wed, 5/20) and $19 billion UST 10y TIPS (Reopening) (Thurs, 5/21)

Commodities

• Gold declined to $4,673 an ounce [86% of its recent high of $5,417 an ounce on 1/28/26] 
• Silver declined to $84.51 an ounce [72% of its recent high of $116.70 an an ounce on 1/28/26]

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