Ian Lyngen and Ben Jeffery bring you their thoughts on the U.S. Rates market for the upcoming week of July 6th, 2026, and respond to questions submitted by listeners and clients.

Julying Volatility

Macro Horizons

This is Macro Horizons, episode 381, Julying Volatility, presented by BMO Capital Markets. I'm your host, Ian Lingen, here with Ben Jeffery to bring you our thoughts from the trading desk for the upcoming week of July 6th. As summer trading conditions take hold and the mercury rises, we're wary of the siren song of declining volatility in an environment of persistent uncertainty.

What could possibly go wrong? Again. Each week we offer an updated view on the U.S. rates market and a bad joke or two, but more importantly, this show is centered on responding directly to questions submitted by listeners and clients. We also end each show with our musings on the week ahead.

Please feel free to reach out on Bloomberg or email me at ian.lyngen at bmo.com with questions for future episodes. We value your input and hope to keep the show as interactive as possible. So that being said, let's get started. In the week just passed, the treasury market saw a return to trading the fundamentals with the backdrop of ongoing geopolitical uncertainty.

It was a holiday-shortened week and the price action was, to put it mildly, choppy. We have seen the ceasefire in the Middle East extend. And while there were some reports early in the week that hostilities were still ongoing, both sides have apparently agreed to continue to honor the ceasefire. Ship traffic through the Strait of Hormuz has continued to increase, albeit not back to the prior levels. Nonetheless, the energy sector has been remarkably well-behaved, all things considered, with the

Julying Volatility

Read the full transcript

The candid version is on a podcast,
not the earnings call.

Julying Volatility

Read the full transcript

The candid version is on a podcast, not the earnings call.

The candid version is on a podcast,
not the earnings call.