U.S. macro backdrop
MACRO BACKDROP · MARKET VIEW
Market view · as of Sep 3, 2026
Fed funds rate
3.63%
2026-08-01 · 3.63% prior
10-yr Treasury
4.79%
2026-09-01 · 4.75% prior
Unemployment
4.1%
2026-07-01 · 4.2% prior
CPI (index)
332.813
2026-07-01 · 332.568 prior
The yield curve remains inverted as of September 2026, with the 10-year Treasury yield at 4.79% surpassing the 3.63% federal funds rate recorded in August. Labor market and price data from July 2026 indicate an unemployment rate of 4.1% and a Consumer Price Index reading of 332.813.
Indicators
| Indicator | Latest | Prior | As of |
|---|---|---|---|
| Fed funds rate | 3.63% | 3.63% | 2026-08-01 |
| 10-yr Treasury | 4.79% | 4.75% | 2026-09-01 |
| Unemployment | 4.1% | 4.2% | 2026-07-01 |
| CPI (index) | 332.813 | 332.568 | 2026-07-01 |