US Treasury Market Daily

Research evidence excerpt

US Treasury Market Daily

J P M O R G A N Global Markets Strategy

20 July 2026

Fixed Income Strategy

Jay Barry AC

(1-212) 834-4951

john.f.barry@jpmorgan.com

Jason Hunter AC

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• Treasury yields rose 4-6bp and the intermediate sector underperformed amid

further kinetic escalation in the Middle East which drove bond yields higher

across the DM, though the US underperformed in the process...

• ...Notably, our Hawk Dove Scale Index (HDSI) has moved significantly over

the last two weeks to reach its highest levels since mid-2024, and markets could