U.S. macro backdrop
MACRO BACKDROP · MARKET VIEW
Market view · as of Jul 22, 2026
Fed funds rate
3.63%
2026-06-01 · 3.63% prior
10-yr Treasury
4.6000000000%
2026-07-20 · 4.55% prior
Unemployment
4.2%
2026-06-01 · 4.3% prior
CPI (index)
332.568
2026-06-01 · 333.979 prior
The 10-year Treasury yield reached 4.60% as of July 20, 2026, exceeding the federal funds rate of 3.63% recorded on June 1, 2026. As of June 2026, the U.S. unemployment rate stood at 4.2% and the Consumer Price Index was 332.568.
Indicators
| Indicator | Latest | Prior | As of |
|---|---|---|---|
| Fed funds rate | 3.63% | 3.63% | 2026-06-01 |
| 10-yr Treasury | 4.6000000000% | 4.55% | 2026-07-20 |
| Unemployment | 4.2% | 4.3% | 2026-06-01 |
| CPI (index) | 332.568 | 333.979 | 2026-06-01 |