U.S. macro backdrop
MACRO BACKDROP · MARKET VIEW
Market view · as of Oct 23, 2026
Fed funds rate
3.75%
2026-09-01 · 3.63% prior
10-yr Treasury
5.13%
2026-10-21 · 5.12% prior
Unemployment
4.2%
2026-09-01 · 4.1% prior
CPI (index)
336.298
2026-09-01 · 334.131 prior
The U.S. rate environment shows a notable inversion, with the 10-year Treasury yield at 5.13% (as of 2026-10-21) sitting well above the fed funds rate of 3.75% (as of 2026-09-01). Labor market conditions remain comparatively steady, with unemployment at 4.2% as of September 2026. The CPI index stood at 336.298 as of September 2026, the latest available reading.
Indicators
| Indicator | Latest | Prior | As of |
|---|---|---|---|
| Fed funds rate | 3.75% | 3.63% | 2026-09-01 |
| 10-yr Treasury | 5.13% | 5.12% | 2026-10-21 |
| Unemployment | 4.2% | 4.1% | 2026-09-01 |
| CPI (index) | 336.298 | 334.131 | 2026-09-01 |