US 10Y · Tight axis — this is a yield, not a return.US 10Y | Latest: 4.8% (2026-09-08) | Range: 3.38%–4.95% | Source: FRED DGS10 | Trend(6pt): 3.79,4.27,4.28,4.2,4.66,4.8US 2s10s · 10Y minus 2Y, percentage points.US 2s10s | Latest: 0.41pp (2026-09-08) | Range: -0.99pp–0.74pp | Source: FRED DGS10−DGS2 | Trend(6pt): -0.61,-0.37,0.16,0.57,0.47,0.41G7 10Y · Snapshot. A missing country is omitted, not a zero yield.G7 10Y | United States: 4.8%, United Kingdom: 5.26%, Germany: 3.45%, Japan: 2.88%, Canada: 3.85%, Australia: 5.28%, New Zealand: 4.81%, Switzerland: 0.48%, Italy: 3.734%, France: 3.68% | Range: 0.48%–5.28%
US strip
Yield
1d
As of
US 2Y
4.390%
+2.0bp
08 Sep
US 5Y
4.570%
+3.0bp
08 Sep
US 10Y
4.800%
+2.0bp
08 Sep
US 30Y
5.250%
+1.0bp
08 Sep
SOFR
3.640%
-1.0bp
08 Sep
2s10s
0.410%
+0.0bp
08 Sep
10s30s
0.450%
-1.0bp
08 Sep
Change versus the previous print, in basis points. 2s10s is US10 − US2, computed once on the strip — not recomputed here.
UST − Bund · US 10Y minus German 10Y. Missing either leg omits the series.UST − Bund | Latest: 1.5pp (2026-06-01) | Range: 1.058pp–2.349pp | Trend(5pt): 1.179,2.168,1.51,1.667,1.5G7 2s10s · 10Y−2Y. Inverted curves print below the zero line.G7 2s10s | US: 0.41pp, UK: 0.68pp, DE: 0.39pp, JP: 1.04pp, CA: 0.68pp, AU: 0.35pp, New Zealand: 1.12pp, Switzerland: 0.31pp | Range: 0.31pp–1.12ppG7 10YG7 10Y | Latest (2026-09-08): US 4.8%; DE 2.97%; UK 4.796%; JP 2.67% | Range: 0.32%–4.95%Steepener z · Cross-sectional z of 10Y−2Y. Higher = long steepener vs peers.Steepener z | JP: 1.86σ, UK: 0.366σ, CA: 0.366σ, US: -0.754σ, DE: -0.837σ, AU: -1.002σ | Range: -1.002σ–1.86σ
10Y spread
Level
UST − Bund 10Y
1.350pp
Gilt − Bund 10Y
1.810pp
UST − JGB 10Y
1.920pp
UST − Gilt 10Y
-0.460pp
BTP − Bund 10Y
0.284pp
OAT − Bund 10Y
0.230pp
Levels in percentage points. A spread is omitted when either leg is missing — never filled with zero. Session changes are not shown: the history behind the chart is a multi-year downsample, not a daily series.
Option-adjusted spreads in basis points, change versus the previous print. z is against the series’ own three-year history. A wider spread is risk-off.
Rates against credit
Level
Legs
On
CCC − BB decompression
901bp
CCC 1,056bp vs BB 155bp
08 Sep
BB − BBB crossover
56bp
BB 155bp vs BBB 99bp
08 Sep
HY OAS against 2s10s
pair
HY OAS 267bp vs 2s10s 41bp
08 Sep
IG yield over UST 10Y
73bp
IG yield 553bp vs UST 10Y 480bp
08 Sep
Each signal is computed on the newest date both legs printed; neither leg is carried forward. A pair is shown as two legs because the difference between them is not a traded number.
Different sessions. Credit prints through 09 Sep 2026; the Treasury tape is 08 Sep 2026, 1 day behind. The two are not merged.
Treasury positioning · Leveraged-money 52-week z. Net long a Treasury future is long duration.Treasury positioning | ZT: 2.429σ, ZF: 1.159σ, ZN: 0.4713σ, TN: -1.125σ, UB: 0.6052σ, FF: -0.945σ, SR3: -1.534σ | Range: -1.534σ–2.429σ
Contract
Name
Net
z 52w
Δz
Side
Week
ZT
2Y note
-1,268,034
+2.43σ
-0.13
long
covered its long
ZF
5Y note
-2,202,688
+1.16σ
-0.18
long
covered its long
ZN
10Y note
-2,062,502
+0.47σ
+0.44
long
extended its long
TN
Ultra 10Y
-423,357
-1.12σ
-0.69
short
extended its short
UB
Ultra bond
-303,045
+0.61σ
-0.00
long
covered its long
FF
Fed funds
-91,028
-0.95σ
+0.09
short
covered its short
SR3
3M SOFR
-2,605,980
-1.53σ
-0.01
short
extended its short
CFTC TFF leveraged money, report 01 Sep 2026. Net long a Treasury future is long duration. Side and week are derived from the signed z and Δz — they are not typed.