Tuesday, July 14, 2026 – CPI negative for the first time since 2020, stocks hold steady; Nvidia slashes Asia customers as the US tightens chip export rules; US intensifies Iran strikes, fragile truce

Headline inflation fell, core flat, 10Y yield down 5bp to 4.57%. Not out of the woods, but the Fed just got more room — mortgage rates slipped to 6.49%. Nvidia cuts its approved Asia customer base, yet H200 shipments to China have started for licensed buyers like ZTE. The crackdown is real but so are the carveouts. Watch the valuation gap — Q2 catalyst could squeeze it shut. BBB spreads pinned at 0.96bp, high yield at 2.69bp — credit is priced for perfection. Real yields steady at 2.32%. Nobody’s flinching. Canaan adds 49 BTC to treasury. Miners aren’t just selling into rallies anymore, they’re stacking. Good signal for crypto believers, noise for everyone else. US strikes on Iran escalate as the ceasefire crumbles. Atradius says the truce contained stagflation — that lid is wobbling. The issue is, crude hasn’t priced this yet.

Headline inflation fell, core flat, 10Y yield down 5bp to 4.57%. Not out of the woods, but the Fed just got more room — mortgage rates slipped to 6.49%.