U.S. macro backdrop
MACRO BACKDROP · MARKET VIEW
Market view · as of Jul 23, 2026
Fed funds rate
3.63%
2026-06-01 · 3.63% prior
10-yr Treasury
4.6300000000%
2026-07-21 · 4.6000000000% 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 4.63% as of July 21, maintaining a spread over the 3.63% federal funds rate recorded in June. June economic data also indicated an unemployment rate of 4.2% and a CPI index level of 332.568.
Indicators
| Indicator | Latest | Prior | As of |
|---|---|---|---|
| Fed funds rate | 3.63% | 3.63% | 2026-06-01 |
| 10-yr Treasury | 4.6300000000% | 4.6000000000% | 2026-07-21 |
| Unemployment | 4.2% | 4.3% | 2026-06-01 |
| CPI (index) | 332.568 | 333.979 | 2026-06-01 |