Overview

• On July 18 the 10-year Treasury yield declined about four basis points to 4.42%, the 2-year fell to 3.87%, and the 30-year eased to 4.99%.
• President Trump’s reported demand for 15%–20% tariffs on EU imports rattled investors and boosted demand for safer government debt.
• July data showed jobless claims dropped to 221,000, retail sales rose 0.6% and consumer sentiment hit its highest since February, underscoring economic resilience.
• Deutsche Bank noted a brief steepening in the yield curve and JPMorgan strategists flagged lingering Powell risk as drivers of bond-market volatility.
• Fed Governor Christopher Waller publicly urged an interest-rate cut this month to support a labor market showing early signs of cooling.