This week: TIPS supply, July ECB meeting, RPI: Our daily analytics package and commentary on global inflation markets.

Research evidence excerpt

This week: TIPS supply, July ECB meeting, RPI: Our daily analytics package and commentary on global inflation markets.

FICC Research

Interest Rates

20 July 2026

Inflation-Linked Daily

This week: TIPS supply, July ECB

meeting, RPI

Our daily analytics package and commentary on global Jonathan Hill, CFA

inflation markets. +1 212 526 3497

jonathan.hill@barclays.com

BCI, US

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US CPI: The highlight for the US inflation market this week is set to be the 10y new-issue TIPS

auction on Thursday, which we previewed in Forever 21 redux. It will be a data-light week ahead

of the July FOMC meeting and month-end next week. Data out Friday showed import prices ex

petroleum rose 0.5% in June (a 0.1pp upside surprise, albeit with a 0.1pp downward revision to

May), while the preliminary reading of UMich consumer sentiment was stronger than expected

across both current conditions and expectations, with 1y inflation expectations sliding to 4.2%

and 5-10y holding at 3.3%.

EUR HICPx and FRCPIx: The final reading of June euro area inflation showed headline

confirmed at 2.8% y/y, with Barclays' economists noting that "the details point[ed] to further