U.S. macro backdrop
MACRO BACKDROP · MARKET VIEW
Market view · as of Oct 24, 2026
Fed funds rate
3.75%
2026-09-01 · 3.63% prior
10-yr Treasury
4.96%
2026-10-22 · 5.13% prior
Unemployment
4.2%
2026-09-01 · 4.1% prior
CPI (index)
336.298
2026-09-01 · 334.131 prior
The U.S. macro backdrop shows a fed funds rate of 3.75% as of September 1, 2026, sitting below the 10-year Treasury yield of 4.96% as of October 22 — an inverted policy-versus-long-end configuration. Unemployment stood at 4.2% as of September 1. The CPI index registered 336.298 for September, with no year-over-year inflation rate derivable from the single data point provided.
Indicators
| Indicator | Latest | Prior | As of |
|---|---|---|---|
| Fed funds rate | 3.75% | 3.63% | 2026-09-01 |
| 10-yr Treasury | 4.96% | 5.13% | 2026-10-22 |
| Unemployment | 4.2% | 4.1% | 2026-09-01 |
| CPI (index) | 336.298 | 334.131 | 2026-09-01 |