· 10yr / 2yr UST Spread 0.40 · 10yr UST Yield 4.80, 30yr Mortgage 6.71, US High Yield Corporate Debt 7.22 · 3mo UST Yield 3.94, 5yr UST Yield 4.57, 10yr UST Yield 4.80, 30yr UST Yield 5.25

This is the work-in-progress Yield Report, generated Wednesday September 9, 2026 3:16PM (PDT)

Nothing in this report constitutes financial advice. No guarantees are made for the reliability or correctness of data presented.


Yields

10yr UST Yield

10yr UST Yield 10yr UST Yield short term
Series Latest Date
10yr UST Yield 4.80 2026-09-08
Reported 2026-09-09
10yr Real Yield (TIPS) 2.43 2026-09-08
Reported 2026-09-09
Yield Curve Yield Curve
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

10yr / 2yr UST Spread 10yr / 2yr UST Spread short term
Series Latest Date
10yr / 2yr UST Spread 0.40 2026-09-09
Reported 2026-09-09
The 10/2 spread gives an indication of yield curve steepness over time and often goes negative right before a recession.

Historical Spreads

Historical Spreads Historical Spreads short term
Series Latest Date
10yr UST Yield 4.80 2026-09-08
Reported 2026-09-09
30yr Mortgage 6.71 2026-09-03
Reported 2026-09-03
US High Yield Corporate Debt 7.22 2026-09-08
Reported 2026-09-09

Historical USTs

Historical USTs Historical USTs short term
Series Latest Date
3mo UST Yield 3.94 2026-09-08
Reported 2026-09-09
5yr UST Yield 4.57 2026-09-08
Reported 2026-09-09
10yr UST Yield 4.80 2026-09-08
Reported 2026-09-09
30yr UST Yield 5.25 2026-09-08
Reported 2026-09-09
Interest rates have been on a downward trajectory since the Volcker era.

International 10yr Bond Yields

International 10yr Bond Yields International 10yr Bond Yields short term
Series Latest Date
US 10yr Yield 4.47 2026-06-01
Reported 2026-07-16
UK 10yr Yield 4.80 2026-06-01
Reported 2026-07-16
Japan 10yr Yield 2.67 2026-06-01
Reported 2026-07-16
Germany 10yr Yield 2.97 2026-06-01
Reported 2026-07-16
Italy 10yr Yield 3.73 2026-06-01
Reported 2026-07-16
Australia 10yr Yield 4.83 2026-06-01
Reported 2026-07-16

Inflation

Inflation Breakevens

Inflation Breakevens Inflation Breakevens short term
Series Latest Date
5yr Breakeven 2.41 2026-09-09
Reported 2026-09-09
5yr 5yr fwd Breakeven 2.33 2026-09-09
Reported 2026-09-09
10yr Breakeven 2.37 2026-09-09
Reported 2026-09-09
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

CPI YoY CPI YoY short term
Series Latest Date
CPI YoY 3.30 2026-07-01
Reported 2026-08-12
CPI Core YoY 2.47 2026-07-01
Reported 2026-08-12
PCE Core YoY 3.34 2026-07-01
Reported 2026-08-26
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

CPI MoM CPI MoM short term
Series Latest Date
CPI MoM 0.07 2026-07-01
Reported 2026-08-12
CPI Core MoM 0.22 2026-07-01
Reported 2026-08-12
PCE Core MoM 0.25 2026-07-01
Reported 2026-08-26

PPI YoY

PPI YoY PPI YoY short term
Series Latest Date
PPI Yoy 4.66 2026-07-01
Reported 2026-08-13
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

PPI MoM PPI MoM short term
Series Latest Date
PPI Chg -0.03 2026-07-01
Reported 2026-08-13

Inflation Expectations

Inflation Expectations Inflation Expectations short term
Series Latest Date
UMich Inflation Expectations 4.20 2026-07-01
Reported 2026-08-28
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

Gasoline Gasoline short term
Series Latest Date
US Gasoline Price 4.16 2026-09-07
Reported 2026-09-09

Employment

Payrolls

Payrolls Payrolls short term
Series Latest Date
Payrolls (Establishment) 159M 2026-08-01
Reported 2026-09-04
Payrolls (Household) 163M 2026-08-01
Reported 2026-09-04

Initial Claims

Initial Claims Initial Claims short term
Series Latest Date
Initial Claims 206K 2026-08-29
Reported 2026-09-03

Money

Money Supply

Money Supply Money Supply short term
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

Money Velocity Money Velocity short term
Series Latest Date
M2 Velocity 1.42 2026-04-01
Reported 2026-08-26
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

Commercial Bank Lending Commercial Bank Lending short term
Series Latest Date
Commercial and Industrial Loans 2.96T 2026-08-26
Reported 2026-09-04
Consumer Loans 1.92T 2026-08-26
Reported 2026-09-04
Real Estate Loans 5.83T 2026-08-26
Reported 2026-09-04
Other Loans 3.33T 2026-08-26
Reported 2026-09-04
Note that commercial bank lending only represents 1/3 of total credit to the non-financial sector.

Margin Debt

Margin Debt Margin Debt short term
Series Latest Date
Margin Debt 622B 2026-01-01
Reported 2026-06-12

Federal

Effective Fed Funds Rate

Effective Fed Funds Rate Effective Fed Funds Rate short term
Series Latest Date
Fed Funds Rate 3.63 2026-09-08
Reported 2026-09-09
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

Reverse Repo Reverse Repo short term
Series Latest Date
Reverse Repo 432M 2026-09-09
Reported 2026-09-09
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

US Debt US Debt short term
Series Latest Date
Federal Debt 40T 2026-09-08
Reported 2026-09-09
Debt Ceiling 41T 2026-09-08
Reported 2026-09-09
USTs Owned By Fed 4.55T 2026-09-02
Reported 2026-09-03
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

Treasury General Account Treasury General Account short term
Series Latest Date
TGA Balance 968T 2026-09-02
Reported 2026-09-03
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.
Yield Curve Yield Curve

Macro

Household Checkable Deposits and Currency

Household Checkable Deposits and Currency Household Checkable Deposits and Currency short term
Series Latest Date
Household Checkable Deposits and Currency 5.62T 2026-01-01
Reported 2026-06-12
Dollars in checkable deposits and currency. Calculated quarterly.

Personal Savings

Personal Savings Personal Savings short term
Series Latest Date
Personal Savings 712B 2026-07-01
Reported 2026-08-26
Personal savings, seasonally adjusted annual rate.

Retail Sales

Retail Sales Retail Sales short term
Series Latest Date
Advance Retail Sales 764B 2026-07-01
Reported 2026-08-14
Advance monthly retail sales for retail trade and food services.

Tonnage

Tonnage Tonnage short term
Series Latest Date
Truck Tonnage YoY -0.26 2026-06-01
Reported 2026-09-01
Rail Freight Intermodal Tonnage YoY 11 2026-06-01
Reported 2026-09-01
US Truck & Intermodal Tonnage Index y/y change.

U.S. Stock Indices

U.S. Stock Indices U.S. Stock Indices short term
Series Latest Date
S&P 500 7.67K 2026-09-08
Reported 2026-09-09
NASDAQ 26K 2026-09-08
Reported 2026-09-09
Does not include dividend reinvestment.

About the Yield Report

Goal: Convey fixed income yields and macro drivers. These rates are a major input into equity valuations via the discount rate.

Coming Soon: Credit spreads and fiscal spending. If you see a chart or metric you think would be useful here, send it to Justin.

This report is generated daily and sent to subscribers either daily or weekly.

© Tangled Lines 2020