U.S. macro backdrop
MACRO BACKDROP · MARKET VIEW
Market view · as of Oct 1, 2026
Fed funds rate
3.63%
2026-08-01 · 3.63% prior
10-yr Treasury
5.26%
2026-09-29 · 5.24% prior
Unemployment
4.1%
2026-08-01 · 4.1% prior
CPI (index)
334.131
2026-08-01 · 332.813 prior
The U.S. macro backdrop as of late September 2026 shows a fed funds rate of 3.63% (as of August 1) sitting well below the 10-year Treasury yield of 5.26% (September 29), a wide gap between short- and long-term rates. The unemployment rate stood at 4.1% as of August 1. The CPI index registered 334.131 as of August 1, though no year-over-year inflation rate can be derived from the single observation provided.
Indicators
| Indicator | Latest | Prior | As of |
|---|---|---|---|
| Fed funds rate | 3.63% | 3.63% | 2026-08-01 |
| 10-yr Treasury | 5.26% | 5.24% | 2026-09-29 |
| Unemployment | 4.1% | 4.1% | 2026-08-01 |
| CPI (index) | 334.131 | 332.813 | 2026-08-01 |