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

1548 ET - In the week after the Fed's June meeting, only three regional officials issued their thoughts on monetary policy, wrote Michael Pearce, Chief US Economist at Oxford Economics. Those officials include regional Fed presidents John Williams, Austan Goolsbee and Neel Kashkari. "Kevin Warsh appears to have had some success in maintaining discipline around his new "less is more" communication strategy," he says, which has left events and the economic data in the driver's seat. Kashkari was the only official to issue his thoughts on forward guidance, projecting one rate hike this year in the dot plot. (jessica.coacci@wsj.com)

1315 ET - Bitcoin proxy Strategy Inc., which holds roughly 4% of the total circulating bitcoin supply, continues to pressure prices. Bitcoin is up 1.3% to $60,106 currently, but at this level Strategy is sitting on an unrealized loss of billions for its bitcoin pile. Their treasury sits at 847,363 BTC, averaging $75,651 a coin. As of now, Strategy sits on a loss of $13 billion -- a factor for preferred stock offering STRC finding a new low of $71.25. "The market is reading it as a signal of broader fragility," says James Butterfill of CoinShares in a note. He calls Strategy's holdings not a "systemic risk" to bitcoin prices, but sentiment is still that a potential failure of the company could become a 'contagion' for them. (kirk.maltais@wsj.com)

1132 ET - Over $1 billion in hedge fund capital has left bitcoin ETFs this week alone, according to data from Coinglass. From Monday through Thursday, bitcoin ETFs saw $1.34 billion in net outflows -- coinciding with a 6.6% drop in bitcoin prices since the start of the week. The cryptocurrency briefly rose back above $60,000 today, but pared some of those gains, now up 0.3% to $59,521, according to LSEG data. Ethereum is flat to $1,558, and XRP is up 0.5% to $1.04. (kirk.maltais@wsj.com)

1104 ET - A $10.6 billion block of bitcoin and ethereum options expired Friday, according to data from crypto derivatives exchanger Deribit -- with a majority of those out of the money and therefore worthless. Crypto analysts regard this as a potential reset point for bitcoin, introducing more price volatility but also potentially flipping prices off of new lows set this week. "Looking into July, the underestimated catalyst may be the post-expiry positioning reset, not the next macro print," says Lacie Zhang of Bitget Wallet in a note. Bitcoin is up 1.1%, pushing back above the $60,000, while ethereum rises 0.8% to $1,570. Other major tokens are mixed in performance, with solana up 8.5% to $71.68 while privacy coin heavyweight Zcash falls 2% to $407.53. (kirk.maltais@wsj.com)

1051 ET - Investors put a risk premium on U.K. government bonds relative to their U.S. and eurozone equivalents, due to concerns about U.K.'s fiscal outlook, Aberdeen Investments' Aaron Rock says. "Growing speculation around the potential appointment of the next [Treasury chief] has unsettled investors, particularly given concerns about a looser fiscal stance under some scenarios," he says. The next head of the U.K. Treasury could be named in the coming days, leaving investors cautious as they wait to find out who will take the role. (miriam.mukuru@wsj.com)

1038 ET - Yields on U.K. government bonds climb as investors take precautions while waiting to find out the identity of the future U.K. Treasury chief, which could be revealed next week. The incumbent, Rachel Reeves, could be replaced as the country awaits a new leadership team after Keir Starmer said he would step down. Wes Streeting is seen as a more market-friendly candidate to lead the Treasury. Some investors worry that candidates such as Ed Miliband and Yvette Cooper could loosen the fiscal rules and exacerbate the U.K. government debt problem, TD Securities' Pooja Kumra says. Ten-year gilt yields climb 4.4 basis points, last trading at 4.748%, Tradeweb data show. (miriam.mukuru@wsj.com)

1034 ET - Investors are demanding extra compensation for buying U.K. government bonds, or gilts, due to expectations that public borrowing could rise considerably, Tickmill Group partner Patrick Munnelly says. "Markets are pricing in heavier gilt supply, wider deficits and a lingering political risk," he says. U.K. has the highest government borrowing costs among developed market peers. Ten-year gilt yields climb 3.5 basis points to last trade at 4.738%, Tradeweb data show. Sterling weakens against euro, with euro rising to an intraday high of 0.8651 pounds, according to LSEG. (miriam.mukuru@wsj.com)

0954 ET - The Bank of Japan could intervene in the currency market to shore up the yen if upcoming U.S. nonfarm payrolls data are strong, ING's Francesco Pesole says in a note. The data are due Thursday before Friday's U.S. public holiday for Independence Day, which will offer slightly lower liquidity, he says. Robust data would potentially support Federal Reserve interest-rate rise expectations, possibly lifting the dollar versus the yen and prompting fresh interventions. ING expects the Fed to keep rates steady, which could make interventions more effective, he says. The dollar falls 0.1% to 161.62 yen, having reached a near two-year high of 161.94 Thursday, LSEG data show. ING sees 162-163 as the new area for triggering interventions. (renae.dyer@wsj.com)

0851 ET - Rail freight traffic from the U.S. continues to recover from last year's slump when the trade war between the countries kicked off. Statistics Canada data shows freight tonnage arriving from the U.S. jumped 14.7% on-year in April to 3.8 million tons, matching the five-year average for the month. In 2023 and 2024, freight loadings from U.S. rail connections in Canada represented an average 12% of total rail tonnage each month, but this fell to an average 10.4% in 2025. The proportion has edged up this year, averaging 10.9% in the first quarter and then 11.4% in April, the data agency notes. (robb.stewart@wsj.com; @RobbMStewart)

0845 ET - Treasury yields and the dollar ease as oil prices fall 3% and markets recalibrate the outlook for U.S. interest rates. Odds of one rate increase this year remain high, priced at 42% on CME's FedWatch tool, while odds of a second hike decline to 28% from 34% a week ago, as inflation forecasts cool down. At 10 a.m. ET, the University of Michigan consumer sentiment index is forecast to rise to 49 from 44.8, in a WSJ survey. The WSJ Dollar Index declines 0.1%. The 10-year Treasury yield is at 4.392%, easing from overnight highs but little changed from yesterday's 4.391% settle. The two-year falls to 4.102% from 4.120%. (paulo.trevisani@wsj.com; @ptrevisani)

0841 ET - The dollar's recent upward momentum looks set to moderate, TD Securities forex strategists say in a note. The DXY dollar index is approaching the 102.000 resistance level and the uptrend looks stretched, they say. Sustained dollar appreciation would likely require weaker economic growth outside the U.S. and the Federal Reserve raising interest rates more than markets expect, they say. "As global growth stabilizes, risk premia fade, and central banks narrow rate differentials versus a Fed on hold, dollar downside should re-emerge later this year." The DXY falls 0.2% to 101.232, having reached a 13-month high of 101.800 Wednesday. (renae.dyer@wsj.com)

0833 ET - Yields on U.K. long-dated government bonds could stay elevated as investors demand extra compensation due to worries about U.K. public finances, J. Safra Sarasin Sustainable Asset Management's Alex Rohner says in a note. The new U.K. leadership team could demand additional funding to meet rising public spending needs, he says. U.K. 30-year gilt yields rise 5 basis points to last trade at 5.457%, Tradeweb data show. (miriam.mukuru@wsj.com)

(END) Dow Jones Newswires

June 26, 2026 15:48 ET (19:48 GMT)

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