This is the work-in-progress Yield Report, generated Friday January 23, 2026 3:04PM (PST) and regenerated daily at the close of US trading  (and delivered free to subscribers)
Nothing in this report constitues financial advice.
No guarantees are made for the reliability or correctness of data presented.

Yields · Inflation · Employment · Money · Lending · Federal · Macro

Yields

10yr UST Yield

Series	Latest	Date
10yr UST Yield	4.24	2026-01-23 Reported 2026-01-23
10yr Real Yield (TIPS)	1.95	2026-01-22 Reported 2026-01-23

A steeper yield curve implies strong economic growth in the future. A flatter or inverted yield curve suggests an economic downturn.

10yr / 2yr UST Spread

Series	Latest	Date
10yr / 2yr UST Spread	0.64	2026-01-23 Reported 2026-01-23

The 10/2 spread gives an indication of yield curve steepness over time and often goes negative right before a recession.

Historical Spreads

Series	Latest	Date
10yr UST Yield	4.24	2026-01-23 Reported 2026-01-23
30yr Mortgage	6.09	2026-01-22 Reported 2026-01-22
US High Yield Corporate Debt	6.44	2026-01-22 Reported 2026-01-23

Historical USTs

Series	Latest	Date
3mo UST Yield	3.71	2026-01-22 Reported 2026-01-23
5yr UST Yield	3.85	2026-01-23 Reported 2026-01-23
10yr UST Yield	4.24	2026-01-23 Reported 2026-01-23
30yr UST Yield	4.82	2026-01-23 Reported 2026-01-23

Interest rates have been on a downward trajectory since the Volcker era.

International 10yr Bond Yields

Series	Latest	Date
US 10yr Yield	4.14	2025-12-01 Reported 2026-01-15
UK 10yr Yield	4.48	2025-12-01 Reported 2026-01-15
Japan 10yr Yield	2.06	2025-12-01 Reported 2026-01-15
Germany 10yr Yield	2.81	2025-12-01 Reported 2026-01-15
Italy 10yr Yield	3.55	2025-12-01 Reported 2026-01-15
Australia 10yr Yield	4.72	2025-12-01 Reported 2026-01-15

Inflation

Inflation Breakevens

Series	Latest	Date
5yr Breakeven	2.46	2026-01-23 Reported 2026-01-23
5yr 5yr fwd Breakeven	2.18	2026-01-23 Reported 2026-01-23
10yr Breakeven	2.32	2026-01-23 Reported 2026-01-23

These rates are the difference between nominal USTs and TIPS and express the market's view of inflation over given timeframes (plus a risk premia related to uncertainty and low TIPS liquidity). The 5Y5Y forward breakeven is closely watched by the Fed.

CPI YoY

Series	Latest	Date
CPI YoY	2.65	2025-12-01 Reported 2026-01-13
CPI Core YoY	2.65	2025-12-01 Reported 2026-01-13
PCE Core YoY	2.79	2025-11-01 Reported 2026-01-22

The FOMC targets "average 2%" PCE. CPI only covers out-of-pocket expenditures; PCE includes other expenditures (like insured medical care), and takes into account substitution effects (making it lower than CPI). CPI feeds into TIPS and cost-of-living adjustments.

CPI MoM

Series	Latest	Date
CPI MoM	0.31	2025-12-01 Reported 2026-01-13
CPI Core MoM	0.24	2025-12-01 Reported 2026-01-13
PCE Core MoM	0.16	2025-11-01 Reported 2026-01-22

PPI YoY

Series	Latest	Date
PPI Yoy	2.95	2025-11-01 Reported 2026-01-14

The headline PPI ("Final Demand") shows changes in prices recieved by domestic producers for goods, services, and construction sold for personal consumption, capital investment, government, and export. Like CPI/PCE, PPI incorporates hedonic adjustments.

PPI MoM

Series	Latest	Date
PPI Chg	0.25	2025-11-01 Reported 2026-01-14

Inflation Expectations

Series	Latest	Date
UMich Inflation Expectations	4.20	2025-12-01 Reported 2026-01-23

Expected prices changes 12mo in advance, based on survey of >500 telephone interviews (random digit dialing). Tends to lead by CPI by one quarter and has a 90% correlation with next-quarter CPI.

Gasoline

Series	Latest	Date
US Gasoline Price	2.81	2026-01-19 Reported 2026-01-21

Employment

Payrolls

Series	Latest	Date
Payrolls (Establishment)	160M	2025-12-01 Reported 2026-01-09
Payrolls (Household)	164M	2025-12-01 Reported 2026-01-09

Initial Claims

Series	Latest	Date
Initial Claims	200K	2026-01-17 Reported 2026-01-22

Money

Money Supply

Series	Latest	Date
Broad Money (M3) YoY	-2.95	2023-11-01 Reported 2024-01-12
Broad Money (M3) MoM	0.20	2023-11-01 Reported 2024-01-12

The Fed reviews money supply metrics but no longer sees it as the key determinant of GDP, inflation, or monetary policy.

Money Velocity

Series	Latest	Date
M2 Velocity	1.41	2025-07-01 Reported 2025-12-23

Nominal GDP / M2, or the number of times money is used to purchase goods and services in a time period. Increased velocity can lead to inflation.

Lending

Commercial Bank Lending

Series	Latest	Date
Commercial and Industrial Loans	2.73T	2026-01-14 Reported 2026-01-23
Consumer Loans	1.87T	2026-01-14 Reported 2026-01-23
Real Estate Loans	5.75T	2026-01-14 Reported 2026-01-23
Other Loans	3.03T	2026-01-14 Reported 2026-01-23

Note that commercial bank lending only represents 1/3 of total credit to the non-financial sector.

Margin Debt

Series	Latest	Date
Margin Debt	566B	2025-07-01 Reported 2026-01-09

Federal

Effective Fed Funds Rate

Series	Latest	Date
Fed Funds Rate	3.64	2026-01-22 Reported 2026-01-23

The effective rate commercial banks charge to each other on excess reserves overnight. This is set 8 time per year by the FOMC and managed by open market operations, changing the discount rate the Fed charges, or changing reserve requirements.

Reverse Repo

Series	Latest	Date
Reverse Repo	927M	2026-01-23 Reported 2026-01-23

The Fed sells securities overnight to mop up excess liquidity and put a floor on the federal funds rate. A standing repo facility with a fixed rate was established July 2021.

US Debt

Series	Latest	Date
Federal Debt	38T	2026-01-22 Reported 2026-01-23
Debt Ceiling	41T	2026-01-22 Reported 2026-01-23
USTs Owned By Fed	4.25T	2026-01-21 Reported 2026-01-22

Since June 11th, 2020, the Fed has been buying $80b USTs per month (and $40b agency MBS). The Fed is expected to start tapering these purchases soon.

Treasury General Account

Series	Latest	Date
TGA Balance	869T	2026-01-21 Reported 2026-01-22

The Treasury's "checking account" held at the Federal Reserve (since 2008, previously at commercial banks). It spiked in 2020 due to emergency COVID-related debt issuance.

Macro

Household Checkable Deposits and Currency

Series	Latest	Date
Household Checkable Deposits and Currency	4.50T	2025-07-01 Reported 2026-01-09

Dollars in checkable deposits and currency. Calculated quarterly.

Personal Savings

Series	Latest	Date
Personal Savings	800B	2025-11-01 Reported 2026-01-22

Personal savings, seasonally adjusted annual rate.

Retail Sales

Series	Latest	Date
Advance Retail Sales	736B	2025-11-01 Reported 2026-01-14

Advance monthly retail sales for retail trade and food services.

Tonnage

Series	Latest	Date
Truck Tonnage YoY	-1.93	2025-10-01 Reported 2025-12-10
Rail Freight Intermodal Tonnage YoY	-3.20	2025-10-01 Reported 2025-12-10

US Truck & Intermodal Tonnage Index y/y change.

U.S. Stock Indices

Series	Latest	Date
S&P 500	6.91K	2026-01-22 Reported 2026-01-23
NASDAQ	23K	2026-01-22 Reported 2026-01-23

Does not include dividend reinvestment.