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G7 rates · 26 Oct 2026

Built 27 Oct 12:18 UTC · US Treasury close 26 Oct

strip close23 OctCOT T+3 report20 Octcredit close23 Octfactors4/6 live

US 10Y unchanged at 5.00%. The 2s10s steepened +1bp to 32bp. ZN leveraged money covered its short at -0.1σ.

US 10Y unchanged to 5.00%.
US 2s10s steepened +1bp at 32bp.
ZN leveraged money covered its short at -0.1σ.

The US striplive strip →

The 10Y was unchanged on 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	4.680%	-1.0bp	26 Oct
US 5Y	4.820%	+4.0bp	23 Oct
US 10Y	5.000%	+0.0bp	26 Oct
US 30Y	5.330%	+4.0bp	23 Oct
SOFR	3.920%	+2.0bp	23 Oct
2s10s	0.320%	+1.0bp	26 Oct
10s30s	0.330%	+0.0bp	23 Oct

Curve relative valuelive curve RV →

US 2s10s steepened +1bp.

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	1.610pp
Gilt − Bund 10Y	1.960pp
UST − JGB 10Y	2.210pp
10Y Gilt − UST	0.350pp
BTP − Bund 10Y	0.626pp
OAT − Bund 10Y	1.117pp

Creditlive credit →

US HY OAS narrowed -2bp.

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.
Credit	Level	1d	1m	z 3y	As of
US IG OAS	91bp	+2bp	+14bp	+0.44σ	23 Oct
US HY OAS	338bp	-2bp	+65bp	+1.06σ	23 Oct
CCC − BB decompression	1,150bp	—	—	—	23 Oct
NFCI (weekly)	-0.496	+0.006	+0.015	-0.01σ	16 Oct

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.
Rates against credit	Level	Legs	On
CCC − BB decompression	1,150bp	CCC 1,356bp vs BB 206bp	23 Oct
BB − BBB crossover	93bp	BB 206bp vs BBB 113bp	23 Oct
HY OAS against 2s10s	pair	HY OAS 338bp vs 2s10s 31bp	23 Oct
IG yield over UST 10Y	84bp	IG yield 584bp vs UST 10Y 500bp	23 Oct

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 +2.05σ.

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	+2.05	4
US	+0.44	6
DE	-0.52	5
UK	-0.56	4
AU	-0.69	4
CA	-0.73	4

Omitted from this issue

curve_IT_10y — makrognosis pair unavailable
curve_FR_10y — makrognosis pair unavailable

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