The latest Market Talks covering FX and Fixed Income. Published exclusively on Dow Jones Newswires throughout the day.

1546 ET - Treasury yields rise as oil futures rally nearly 10% after President Trump revived the naval blockade in Hormuz. June CPI is due tomorrow and expected to reflect a decline in energy costs linked to peace talks. That decline is greatly undone by the recent escalade in tensions. The WSJ Dollar Index rises 0.2%. Tradeweb notes the one-year yield, at 4.114%, is exceptionally higher than the Fed's 3.50%-3.75% policy target, underpinning the prospect of rate hikes. Fed Chairman Warsh has his first congressional hearing tomorrow. The 10-year yield rises 0.042 percentage point to 4.610%. The two-year increases 0.054 p.p. to 4.261%, the highest since February 2025. (paulo.trevisani@wsj.com; @ptrevisani)

1414 ET - The Bank of Canada is likely to leave its policy interest rate unchanged Wednesday but suggest in its statement a hiking bias, reflecting continued concern on inflation, Macquarie's David Doyle says. The economist is expecting further labor market improvement in Canada and an ongoing pickup in economic growth, paving the way for a first interest rate increase that probably will be in October. Doyle says a further half percentage point in rate rises is anticipated in the first half of next year. (robb.stewart@wsj.com; @RobbMStewart)

1405 ET - The divide between memecoins and more functional "financial" coins has been widening, in terms of return on investment. According to data from Zach Pandl with Grayscale Research in a note, "financial" cryptocurrencies - those tied to things like DeFi platforms, stablecoin operation, and other blockchain-specific applications -- are positive versus where they started January 2024. Memecoins -- tokens with little practical application that often utilize popular internet memes -- half lost roughly half of their value, according to Grayscale. "Although we think promising consumer applications may emerge eventually, this Crypto Sector does not have many projects with strong fundamentals today," says Pandl in reference to memecoins. Major cryptocurrencies are lower, with bitcoin down 3.4% to $61,974. (kirk.maltais@wsj.com)

1220 ET - The Treasurys selloff extends, sending yields higher, as President Trump revives the U.S. blockade in the Strait of Hormuz and announces a 20% charge on every cargo. Oil prices and yields were already rising following hostilities in the region during the weekend and the trend gained momentum after Trump's post. The escalation suggests energy inflation could last long enough to impact other prices, boosting bets on an interest rate increase by the Fed this year. Crude futures rise 5%. The 10-year yield is at 4.598%, on path for its highest settle since May. The two-year reaches 4.251%, the highest since February last year. The WSJ Dollar Index rises 0.2%. (paulo.trevisani@wsj.com; @ptrevisani)(The Bank of England monetary policy committee members could be cautious in the coming months due to rising oil prices, Barclays analysts say. "BOE Members Could Signal Possible Rate Rise as Oil Prices Climb -- Market Talk," at 1109 GMT, incorrectly said that Barclays analysts expected the BOE could signal a preference for a rate increase in the coming months given rising oil prices. The corrected version follows.) 1109 GMT - The Bank of England monetary policy committee members could exercise caution in the coming months as oil prices rise, Barclays analysts say in a note. The analysts expect the BOE to keep interest rates on hold at 3.75%. The U.S. struck Iranian targets over the weekend and Iran launched strikes on ships passing through the Strait of Hormuz. "We think the increased tensions in the Middle East and rise in oil prices this week will keep the risk of a further inflationary impulse forefront in the minds of MPC members," they say. (miriam.mukuru@wsj.com)

1147 ET - The situation in Iran is precarious and could escalate following the collapse of Trump's ceasefire, meaning prices for consumer goods could remain elevated for longer than expected JPMorgan analysts Richard Shane and Hong Zhang say in a research note. Any price change could lag the decline in underlying oil prices. And the resumption of fighting reintroduces a risk of energy price spikes that would squeeze lower- and middle-income consumers most acutely, the analysts say. They believe the full impact of these geopolitical shocks on the real economy has yet to be realized. Two forces compounding the geopolitical risk is a cooling labor market and an upward shifting rate outlook, the analysts say. (dean.seal@wsj.com)

1120 ET - Investors should brace for rising Treasury yields, especially in shorter-term notes, Bank of America's Meghan Swiber and Eleanor Xiao write. They say foreign demand for U.S. government debt is softening and traders currently betting on falling yields are bound to reverse their positions. The expected repricing could gather momentum this week if inflation beats forecasts. Swiber and Xiao add, however, that fund inflows offset some of the headwinds. The 10-year yield is at 4.598%, rising on elevated tension in the Middle East and rallying oil prices. (paulo.trevisani@wsj.com; @ptrevisani)

1107 ET - Supply of euro-denominated credit by U.S. companies could reach a record high of 120 billion euros in 2026, ING strategists say in a note. The euro credit market provides a cost-saving advantage over the U.S. dollar credit market, leading to more issuance in the euro market, they say. "We argue that 120 billion euros won't put too much pressure on the market and should not crowd out the European issuers." (miriam.mukuru@wsj.com)

1048 ET - Bitcoin managed to stay rangebound last week, between the $62,000 to $64,000 range, according to data from CoinGlass. That's even with ongoing concerns surrounding the global inflation picture and bitcoin's viability amid sales of bitcoin announced by Strategy, owner of the largest bitcoin treasury in the world. "Bitcoin was tested from every direction last week," says analysts with Bitfinex, noting that the relatively narrow range that bitcoin traded at should be encouraging for investors. That said, the sentiment around inflation globally looks to keep bitcoin's movement to the upside limited, says the firm. Bitcoin is down 2.6% to $62,496. (kirk.maltais@wsj.com)

1031 ET - The rebound in bitcoin prices seen late last week is under pressure to start this week, this as the Russia-Ukraine and U.S.-Iran conflicts are garnering more attention from investors that are worried about rising hostilities in both clashes. "Bitcoin [is] in retreat this morning breaking beneath $63K as the geopolitical escalation triggers negative factors for the crypto sphere," says Monte Safieddine of Capital.com in a note. Ongoing war is adding to concerns about rising inflation worldwide. Bitcoin falls 2.8% to $62,357. Other major cryptocurrencies are lower as well, with ethereum down 2.7% to $1,771, XRP dropping 2.5% to $1.07, and solana down 2.1% to $75.80. (kirk.maltais@wsj.com)

1015 ET - The median U.S. home-sale price rose 2.2% year over year to a high of $408,776 in June, Redfin says. U.S. existing-home sales ticked up 0.1% month over month to 4.4 million in June--the highest level since November 2022. Existing home sales rose 4.2% from last June. Affluent Bay Area and South Florida homebuyers were major drivers of June's strong housing market. Billionaires, executives and other ultra-wealthy Americans are moving to Florida and buying up expensive homes due to its favorable tax environment and sunny climate. The Bay Area is being driven by the AI boom, with a surge in luxury home sales driving prices up. Pending home sales ticked up 0.5% in June. (chris.wack@wsj.com)

1010 ET - Spreads on euro-denominated credit tightened last week as debt issuance slowed, ING's Jeroen van den Broek and Timothy Rahill say in a note. Fund inflows into euro credit market also supported demand for the asset, causing spreads to narrow, the strategists say. In contrast dollar-denominated credit spreads widened as debt supply by U.S. tech companies stayed elevated, they say. (miriam.mukuru@wsj.com)

(END) Dow Jones Newswires

July 13, 2026 15:46 ET (19:46 GMT)

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