End of Day Summary – May 20, 2026

Intraday News  •  May 20, 2026
Edited by Kristen Radosh

US Treasuries

  • Treasuries rallied on lower oil prices and optimism for a deal to end the Iran War 
  • 10s closed on Wednesday at 4.57        [Wednesday’s range in 10s: 4.56/4.665] 
  • 2s closed on Wednesday at 4.04          [Wednesday’s range in 2s: 4.01/4.115]
  • 2y – 5y:   + 18  bps
  • 2y – 10y: + 53 bps  

Intraday News Moving Markets

*US CRUDE INVENTORIES INCLUDING SPR DROP BY MOST ON RECORD: EIA

Jim Bianco: This is why oil prices are not soaring. But, running down inventories cannot last forever, Eventually the oil supply has to return to normal.

Financial market participants fear that the war is about to end, and they will not have enough risk. They are not positioned, or fearing that this becomes a protracted war, supplies get worse, and oil prices soar to new records. Again, this is why every story about a peace deal gets a market reaction, even though the first 200 such stories never worked.

This was an hour ago: @AlArabiya_Brk:
Arabic sources: Work is underway to put the finishing touches on a draft agreement between Washington and Tehran

See the reaction … The last 90 minutes of crude oil trading.

30-year yields fell about 5 bps, and the S&P 500 shot up about 0.50% on this headline. Financial Market participants truly believe this is how it will end …

A deal any day now, the Strait opens up, the oil starts flowing, and it is over and soon forgotten. I hope it works out this way. I just don’t see how it will.

On Deck tomorrow, Thursday, 5/21:

  • $19 billion UST 10y TIPS (Reopening) 
  • Economic Releases: Initial & Continuing Jobless Claims; Philadelphia Fed Business Outlook; Housing Starts & Building Permits; S&P Global US Services & Composite PMI and Kansas City Fed Manf. Activity

Commodities

  • Gold decreased to $4,544 an ounce [83% of its recent high of $5,417 an ounce on 1/28/26] 
  • Silver decreased to $76.26 an ounce [65% of its recent high of $116.70 an an ounce on 1/28/26]

Upcoming US Treasury Supply 

In the News

Upcoming Economic Releases & Fed Speak 

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