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FI Daily

G7 rates · 23 Oct 2026

Built 26 Oct 12:18 UTC · US Treasury close 23 Oct

strip close22 OctCOT T+3 report20 Octfactors4/6 live

US 10Y rose +4bp to 5.00%, bearish duration on the session. The 2s10s was unchanged at 31bp. ZN leveraged money covered its short at -0.1σ.

US 10Y rose +4bp to 5.00% — bearish duration.
US 2s10s unchanged at 31bp.
ZN leveraged money covered its short at -0.1σ.

The US striplive strip →

The 10Y rose — bearish duration for the session.

US 10Y · Tight axis — this is a yield, not a return.

US 2s10s · 10Y minus 2Y, percentage points.

G7 10Y · Snapshot. A missing country is omitted, not a zero yield.

Change versus the previous print, in basis points. 2s10s is US10 − US2, computed once on the strip — not recomputed here.
US strip	Yield	1d	As of
US 2Y	4.690%	+4.0bp	23 Oct
US 5Y	4.780%	-17.0bp	22 Oct
US 10Y	5.000%	+4.0bp	23 Oct
US 30Y	5.290%	-13.0bp	22 Oct
SOFR	3.900%	+2.0bp	22 Oct
2s10s	0.310%	+0.0bp	23 Oct
10s30s	0.330%	+4.0bp	22 Oct

Curve relative valuelive curve RV →

US 2s10s unchanged on the session.

UST − Bund · US 10Y minus German 10Y. Missing either leg omits the series.

G7 2s10s · 10Y−2Y. Inverted curves print below the zero line.

G7 10Y

Steepener z · Cross-sectional z of 10Y−2Y. Higher = long steepener vs peers.

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.
10Y spread	Level
UST − Bund 10Y	1.600pp
Gilt − Bund 10Y	1.910pp
UST − JGB 10Y	2.160pp
10Y Gilt − UST	0.410pp
BTP − Bund 10Y	0.626pp
OAT − Bund 10Y	1.117pp

Creditlive credit →

Credit omitted. credit returned no priced series

Treasury positioningTreasury positioning →

ZN is short duration; it covered its short.

Treasury positioning · Leveraged-money 52-week z. Net long a Treasury future is long duration.

CFTC TFF leveraged money, report 20 Oct 2026. Net long a Treasury future is long duration. Side and week are derived from the signed z and Δz — they are not typed.
Contract	Name	Net	z 52w	Δz	Side	Week
ZT	2Y note	-1,285,548	+1.58σ	+0.23	long	extended its long
ZF	5Y note	-2,117,544	+0.96σ	-0.02	long	covered its long
ZN	10Y note	-2,107,224	-0.07σ	+0.67	short	covered its short
TN	Ultra 10Y	-318,477	+0.29σ	+0.24	long	extended its long
ZB	Bond	-162,757	+2.08σ	-0.12	long	covered its long
UB	Ultra bond	-804,808	-0.09σ	-0.87	short	extended its short
FF	Fed funds	376,169	+1.79σ	+1.39	long	extended its long
SR3	3M SOFR	-2,373,040	-0.92σ	-0.15	short	extended its short

Duration scorecardduration scorecard →

JP leads the duration composite at +2.02σ.

Duration composite · Higher = bullish duration vs G7 peers.

Higher composite = bullish duration versus G7 peers. A country with too few live factors is omitted, not scored as zero.
Market	Composite	Factors
JP	+2.02	4
US	+0.30	5
CA	-0.19	4
UK	-0.47	4
AU	-0.53	4
DE	-1.14	4

Omitted from this issue

curve_IT_10y — makrognosis pair unavailable
curve_FR_10y — makrognosis pair unavailable
credit — credit returned no priced series

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US strip, G7 curve RV, Treasury positioning and the duration scorecard. On sessions where the 10-year moves 5 bp or more, the 20-session driver stack and 1 bp cubes. Free.

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