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Lab · Macro

Rates X-Ray

The US Treasury curve, the spreads that name the regime, and what's driving the long end — as of . Updated daily from FRED. A description of the curve, not a forecast.

Curve regime bear-steepener Yields rising, curve steepening — reflation, growth-and-supply pressure on the long end.

The Treasury curve

3.74.55.3 3M6M1Y2Y5Y7Y10Y20Y30Y
TenorYield1-day1-week1-month
3-Month 3.87% +1 0 +9
6-Month 3.99% 0 −2 +18
1-Year 4.06% 0 +8 +18
2-Year 4.21% +2 +7 +4
5-Year 4.31% +4 +12 +2
7-Year 4.43% +3 +13 +2
10-Year 4.56% +1 +12 +1
20-Year 5.07% +2 +14 +4
30-Year 5.06% +1 +15 +5

Changes in basis points · rising yields in red (a headwind for bonds & long-duration equities), falling in green.

Key spreads · bps
2Y → 10Y35 (+5/w)
3M → 10Y69 (+12/w)
5Y → 30Y75 (+3/w)
10-Year, decomposed
Real yield (TIPS)2.31%
+ Inflation breakeven2.23%
= Nominal 10-Year4.56%
Policy anchors
Fed Funds (effective)3.62%
SOFR3.53%
2Y — the market policy path4.21%

What moved the long end: The 10-year held roughly flat over the past month — neither real yields nor breakevens moved it decisively.

Rates → long-duration equities Closelook

The 10-year is the discount-rate axis for long-duration equities. Holding cash flows and duration fixed, a representative SaaS book — priced as a two-stage DCF — moves this much on the rate axis alone:

10Y +25 bps −4.5% on the multiple
10Y +50 bps −8.7% on the multiple
10Y +75 bps −12.5% on the multiple

A sensitivity, not a forecast — the rate axis only; AI-driven duration risk is the second leg. Model all three levers on the SaaS valuation tool; the thesis is in the second-leg-down pulse.

The world's long end Global · monthly

Major-economy 10-year government yields and their spread to the US — FRED OECD series, monthly (as of May 2026).

Economy10Y yieldvs prior monthvs US 10Y
Germany 3.05% +5 +151 bps
United Kingdom 4.94% +12 -38 bps
Japan 2.65% +14 +191 bps
Canada 3.54% +6 +102 bps
France 3.74% +7 +82 bps

A positive spread = the US 10-year sits above that economy's. Daily foreign yields aren't on the free data stack, so this OECD panel is monthly — a structural read, not a tape.

The term ladder ETF proxies

TreasuriesTrendRSI1-monthYTD
1–3y Treasuries ▲ above 200-day 46.6 +0.2% +0.4%
7–10y Treasuries ▼ below 200-day 50.4 +1.7% -0.2%
20y+ Treasuries ▲ above 200-day 63.9 +4.9% +1.6%
Inflation-linked (TIPS) ▲ above 200-day 40.5 +0.5% +1.2%

Duration bet: Long and short Treasuries roughly in step — no strong duration bet. (TLT:SHY, 3-month +0.0%.)

Leadership & the horizon split RS

Index / group5-day1-month3-monthYTDoff high200-day
Semis (equal-weight) +6.5% +18.7% +92.1% +89.8% −2.1%
Semis (cap-weight) +8.3% +21.3% +67.1% +76.8% at high
Nasdaq 100 +3.3% +5.6% +25.0% +20.9% −0.7%
Russell 2000 +2.0% +8.5% +19.7% +19.3% at high
Nvidia +2.8% -4.4% +18.1% +11.7% −10.5%
S&P 500 +1.5% +2.0% +13.8% +9.9% −1.4%
Dow (DJIA) +1.5% +4.6% +12.5% +7.4% −0.9%
Health Care -3.0% +1.4% +2.3% -3.5% −6.4%
Nvidia vs the Nasdaq 100 Nvidia is lagging the index it dominates (-5.5% · 3-month)
Semis (cap-weight) vs the Nasdaq 100 Semis are leading the Nasdaq (+33.6% · 3-month)
Equal-weight vs cap-weight semis (XSD : SMH) Equal-weight keeping pace — a broad semis rally (+15.0% · 3-month)

Curve & spreads: FRED constant-maturity Treasuries, daily. ETF ladder + leadership: EODHD daily. Diary tool — not investment advice.