U.S. macro backdrop

MACRO BACKDROP · MARKET VIEW

Market view · as of Oct 8, 2026

Fed funds rate
3.75%
2026-09-01 · 3.63% prior
10-yr Treasury
5.27%
2026-10-06 · 5.31% prior
Unemployment
4.2%
2026-09-01 · 4.1% prior
CPI (index)
334.131
2026-08-01 · 332.813 prior

The U.S. macro backdrop shows a fed funds rate of 3.75% as of September 2026, while the 10-year Treasury yield stood at 5.27% in early October, a spread that implies a notably steep yield curve. Labor market conditions remain relatively stable, with unemployment at 4.2% in September. The CPI index registered 334.131 as of August 2026, though no year-over-year inflation rate can be derived from the single index reading provided. The gap between the policy rate and long-term yields suggests markets are pricing in a materially higher rate environment over the coming decade.

Indicators

IndicatorLatestPriorAs of
Fed funds rate3.75%3.63%2026-09-01
10-yr Treasury5.27%5.31%2026-10-06
Unemployment4.2%4.1%2026-09-01
CPI (index)334.131332.8132026-08-01

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