Rates & Liquidity the curve, the spreads, and the plumbing behind them

Eight Treasury tenors, breakevens, the high-yield spread, the dollar, the Fed's balance sheet and the mortgage spread — daily FRED series the pipeline was already collecting and never showed. Every derived number here is arithmetic on those levels: 2s10s is DGS10 − DGS2, the real 10-year is DGS10 − T10YIE, net liquidity is WALCL − TGA − RRP.

10-year Treasury
5.29%
Sep 30, 2026 · 30d +0.54pp · 1y +1.13pp
2s10s
+0.41pp
2y 4.88% · 30d 0.00pp
10y real yield
+2.93pp
DGS10 − 10y breakeven 2.36%
High-yield OAS
+3.24pp
ICE BofA · 30d +0.59pp · 2026-10-01
Cite
CiteMacroGauge 10-year Treasury yield (DGS10), 2026-09-30, 5.29% — https://macrogauge.vercel.app/rates

Market-implied Fed path — Kalshi FOMC ladders vs the target

Target range, upper
4.00%
DFEDTARU · 2026-10-02
Effective fed funds
3.75%
FEDFUNDS monthly · 2026-09-01
Next meeting Oct 28, 2026
4.05%
expected upper · +5bp · P(hike) 19%
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Probabilities are cumulative from today to each meeting, vs the upper bound now in effect.
MeetingExpected uppervs todayP(cut)P(hold)P(hike)
Oct 28, 20264.05%+5bp1%80%19%
Dec 9, 20264.24%+24bp6%18%77%

Kalshi KXFED ladders (upper bound above X% after each FOMC meeting): bid/ask mids, rungs wider than 10c dropped, survival curve forced monotone; a meeting publishes only when its liquid rungs bracket the distribution. Expected upper bound on the 25bp grid; cut/hold/hike are vs the upper bound now in effect (last settled KXFED meeting), cumulative to each meeting. Reference upper bound 4.00%; quotes as of 2026-10-02. Far-dated meetings rarely trade two-sided, so the table is usually the next one or two meetings. A betting-market read, not a forecast of ours.

Spreads — 2s10s, 3m10y and the real 10-year, since 2019

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Inflation compensation, credit and the dollar

5y breakeven
2.36%
30d −0.01pp · 1y −0.03pp · 2026-10-01
10y breakeven
2.36%
30d +0.01pp · 1y +0.01pp · 2026-10-01
HY OAS
3.24%
30d +0.59pp · 1y +0.43pp · 2026-10-01
Broad dollar
120.3
30d +1.59% · 1y −0.18% · 2026-09-25
GDPNow
3.68%
30d −1.14pp · 1y +0.20pp · 2026-10-01
60m auto loan
7.14%
30d — · 1y −0.53pp · 2026-05-01
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Fed liquidity — balance sheet, TGA, reverse repo

Net liquidity
$5.78T
WALCL − TGA − RRP · 2026-09-30
Fed balance sheet
$6.74T
WALCL, total assets
Treasury General Account
$949B
WTREGEN, weekly average
Overnight reverse repo
$12B
RRPONTSYD, latest daily
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Mortgage spread — 30-year fixed over the 10-year

30y fixed (Freddie Mac)
7.28%
weekly · 2026-10-01
30y fixed (MND daily)
7.49%
daily · 2026-10-02
Spread to 10y
+1.99pp
PMMS − DGS10 at the PMMS date
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Weekly Freddie Mac PMMS prints against the 10-year read on or within seven days before each print. Units are normalized once, in the writer: WALCL and TGA arrive in millions of dollars, RRP in billions; all three publish in billions. Nothing here feeds the gauge — it is the transmission channel, shown beside it.