U.S. macro backdrop
MACRO BACKDROP · MARKET VIEW
Market view · as of Sep 28, 2026
Fed funds rate
3.63%
2026-08-01 · 3.63% prior
10-yr Treasury
5.18%
2026-09-24 · 5.11% prior
Unemployment
4.1%
2026-08-01 · 4.1% prior
CPI (index)
334.131
2026-08-01 · 332.813 prior
The 10-year Treasury yield stands at 5.18% as of September 24, 2026, a level that keeps long-term borrowing costs elevated. The fed funds rate sits at 3.63% as of August 1, leaving a wide gap between the policy rate and long yields. Labor market conditions show unemployment at 4.1% for August. The CPI index registered 334.131 in August, with no year-over-year inflation rate available from the provided data.
Indicators
| Indicator | Latest | Prior | As of |
|---|---|---|---|
| Fed funds rate | 3.63% | 3.63% | 2026-08-01 |
| 10-yr Treasury | 5.18% | 5.11% | 2026-09-24 |
| Unemployment | 4.1% | 4.1% | 2026-08-01 |
| CPI (index) | 334.131 | 332.813 | 2026-08-01 |