U.S. macro backdrop
MACRO BACKDROP · MARKET VIEW
Market view · as of Aug 21, 2026
Fed funds rate
3.6300000000%
2026-07-01 · 3.63% prior
10-yr Treasury
4.6500000000%
2026-08-19 · 4.7100000000% prior
Unemployment
4.1%
2026-07-01 · 4.2% prior
CPI (index)
332.813
2026-07-01 · 332.568 prior
The U.S. yield curve remains inverted, with the 10-year Treasury yield at 4.65% as of August 19, 2026, trading above the July 2026 federal funds rate of 3.63%. Economic data from July 2026 shows the unemployment rate at 4.1% and the CPI index at 332.813.
Indicators
| Indicator | Latest | Prior | As of |
|---|---|---|---|
| Fed funds rate | 3.6300000000% | 3.63% | 2026-07-01 |
| 10-yr Treasury | 4.6500000000% | 4.7100000000% | 2026-08-19 |
| Unemployment | 4.1% | 4.2% | 2026-07-01 |
| CPI (index) | 332.813 | 332.568 | 2026-07-01 |