U.S. macro backdrop
MACRO BACKDROP · MARKET VIEW
Market view · as of Aug 23, 2026
Fed funds rate
3.6300000000%
2026-07-01 · 3.63% prior
10-yr Treasury
4.6900000000%
2026-08-20 · 4.6500000000% prior
Unemployment
4.1%
2026-07-01 · 4.2% prior
CPI (index)
332.813
2026-07-01 · 332.568 prior
The 10-year Treasury yield reached 4.69% in late August, maintaining a spread above the 3.63% federal funds rate recorded in July. Labor market conditions remain stable with the unemployment rate at 4.1% as of July. During that same month, the Consumer Price Index was recorded at 332.813.
Indicators
| Indicator | Latest | Prior | As of |
|---|---|---|---|
| Fed funds rate | 3.6300000000% | 3.63% | 2026-07-01 |
| 10-yr Treasury | 4.6900000000% | 4.6500000000% | 2026-08-20 |
| Unemployment | 4.1% | 4.2% | 2026-07-01 |
| CPI (index) | 332.813 | 332.568 | 2026-07-01 |