U.S. macro backdrop
MACRO BACKDROP · MARKET VIEW
Market view · as of Oct 9, 2026
Fed funds rate
3.75%
2026-09-01 · 3.63% prior
10-yr Treasury
5.28%
2026-10-07 · 5.27% prior
Unemployment
4.2%
2026-09-01 · 4.1% prior
CPI (index)
334.131
2026-08-01 · 332.813 prior
The 10-year Treasury yield stands at 5.28% as of October 7, well above the fed funds rate of 3.75% reported for September, leaving a wide gap between short and long rates. The unemployment rate held at 4.2% in September. The CPI index registered 334.131 in August, the latest reading available.
Indicators
| Indicator | Latest | Prior | As of |
|---|---|---|---|
| Fed funds rate | 3.75% | 3.63% | 2026-09-01 |
| 10-yr Treasury | 5.28% | 5.27% | 2026-10-07 |
| Unemployment | 4.2% | 4.1% | 2026-09-01 |
| CPI (index) | 334.131 | 332.813 | 2026-08-01 |