U.S. macro backdrop
MACRO BACKDROP · MARKET VIEW
Market view · as of Sep 2, 2026
Fed funds rate
3.63%
2026-08-01 · 3.63% prior
10-yr Treasury
4.75%
2026-08-31 · 4.73% 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 of 4.75% exceeds the 3.63% federal funds rate, establishing a positive spread between long-term and short-term borrowing costs. Labor market data from July shows an unemployment rate of 4.1%, while the Consumer Price Index stood at 332.813.
Indicators
| Indicator | Latest | Prior | As of |
|---|---|---|---|
| Fed funds rate | 3.63% | 3.63% | 2026-08-01 |
| 10-yr Treasury | 4.75% | 4.73% | 2026-08-31 |
| Unemployment | 4.1% | 4.2% | 2026-07-01 |
| CPI (index) | 332.813 | 332.568 | 2026-07-01 |