RPI day: Our daily analytics package and commentary on global inflation markets.

Research evidence excerpt

RPI day: Our daily analytics package and commentary on global inflation markets.

FICC Research

Interest Rates

22 July 2026

Inflation-Linked Daily

RPI day

Our daily analytics package and commentary on global

inflation markets.

Jonathan Hill, CFA

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US CPI: US real yields and breakevens rose on Tuesday, with the real yield curve bear flattening

as markets remain focused on ongoing geopolitical tensions in the Middle East and the

announcement of new Section 338 tariffs late Monday. In an in-depth study of AI adoption and

productivity, with Chair Warsh emphasizing potential disinflationary pressures from AI-driven

productivity gains, Barclays economists assessed whether such a boom is already taking shape

and find that although adoption is gradually broadening, evidence of a measurable acceleration

in productivity remains weak at best. Thursday brings the 10y new-issue TIPS auction, 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.

EUR HICPx and FRCPIx: HICPx swaps bull flattened modestly on Tuesday. The key event for the