007 · BRIEFING

The week to Wednesday, 9 September 2026

Every figure below is a stored fact from a primary source, collected as of Wednesday, 9 September 2026. Sources are footnoted. Primary-source documents for the week are listed below. No commentary was written for this week. All weeks · Review: Q3 2026.

Rates & curve

Treasury curve1, 2, 3 2026-09-09 2026-09-02 the last observation on or before each date
4.2%5.4%2y10y30y2026-09-022026-09-09
Ten-year, real and breakeven2, 6, 7 Nominal Real Breakeven 52 weeks to 2026-09-09
1%5%2025-09-112026-09-09NominalRealBreakeven
SeriesYearLatestWeek changeSource
2-Year Treasury constant maturityDGS2 4.39% +0.05pp 1
10-Year Treasury constant maturityDGS10 4.80% +0.03pp 2
30-Year Treasury constant maturityDGS30 5.25% unch. 3
10Y minus 2Y Treasury spreadT10Y2Y 0.40% −0.01pp 4
Fed funds target range, upper limitDFEDTARU 3.75% unch. 5
10-Year TIPS constant maturity (real yield)DFII10 2.43% +0.01pp 6
10-Year breakeven inflationT10YIE 2.37% +0.02pp 7

Equities

Indices8, 9 52 weeks to 2026-09-09
S&P 500
6,0008,0002025-092026-09S&P 500
Nasdaq Composite
20,00028,0002025-092026-09Nasdaq Composite
SeriesYearLatestWeek changeSource
S&P 500 index levelSP500 7,636.36 −82.24 8
NASDAQ Composite index levelNASDAQCOM 26,253.34 −253.65 9

Credit

Spreads10, 11, 36, 52 52 weeks to 2026-09-09
US investment grade
0.7%1%2025-092026-09US investment grade
US high yield
2.6%3.6%2025-092026-09US high yield
Euro high yield
2.4%3.4%2025-092026-09Euro high yield
EM corporate
1.3%1.9%2025-092026-09EM corporate
SeriesYearLatestWeek changeSource
ICE BofA US Corporate OASBAMLC0A0CM 0.81% unch. 10
ICE BofA US High Yield OASBAMLH0A0HYM2 2.67% −0.01pp 11
ICE BofA US Corporate Index total return index valueBAMLCC0A0CMTRIV 3,574.56 −0.78 12
ICE BofA US High Yield Index total return index valueBAMLHYH0A0HYM2TRIV 1,913.72 +0.27 13

FX & commodities

Dollar and crude14, 17 52 weeks to 2026-09-09
Broad dollar index
1171222025-092026-09Broad dollar index
Brent
$40$1402025-092026-09Brent
SeriesYearLatestWeek changeSource
Trade-weighted USD index, broad goods & servicesDTWEXBGS 118.07 −0.67 14
Nominal advanced foreign economies USD indexDTWEXAFEGS 111.74 −0.48 15
WTI crude spot (EIA)DCOILWTICO $91.48 unch. 16
Brent crude spot (EIA)DCOILBRENTEU $96.02 unch. 17

Macro data

SeriesYearLatestWeek changeSource
CPI-U all items, SACPIAUCSL 332.81July 2026 · as known on 2026-08-12 unch. 18
Core PCE price index, SAPCEPILFE 130.66July 2026 · as known on 2026-08-26 unch. 19
Nonfarm payrolls, SAPAYEMS 159,075kAugust 2026 · as known on 2026-09-04 unch. 20
Unemployment rate, SAUNRATE 4.10%August 2026 · as known on 2026-09-04 unch. 21
Atlanta Fed GDPNow real GDP nowcast, SAARGDPNOW 4.75%Q3 2026 · as known on 2026-09-03 unch. 22
U. Michigan consumer sentimentUMCSENT 55.20July 2026 · as known on 2026-07-31 unch. 23

United Kingdom

Gilt curve25, 26, 27 2026-09-09 2026-09-02 the last observation on or before each date
4%6%5y10y20y2026-09-022026-09-09
SeriesYearLatestWeek changeSource
Bank RateGBPOL 3.75% unch. 24
5-year gilt nominal par yieldGB5Y 4.64% +0.03pp 25
10-year gilt nominal par yieldGB10Y 5.11% +0.03pp 26
20-year gilt nominal par yieldGB20Y 5.59% +0.03pp 27
SONIA, sterling overnight index averageIUDSOIA 3.73% unch. 28
USD per GBPDEXUSUK 1.3521 −0.0034 29
UK unemployment rate, 15 and over, SALRHUTTTTGBM156S 4.90%April 2026 · as known on 2026-08-17 unch. 30
UK real GDP, SA, GBP millionNGDPRSAXDCGBQ 712,545.00Q2 2026 · as known on 2026-09-07 +2,947.00 31

Euro area

Euro area AAA curve33, 34 2026-09-09 2026-09-02 the last observation on or before each date
2.9%3.4%2y10y2026-09-022026-09-09
SeriesYearLatestWeek changeSource
ECB deposit facility rateEAPOL 2.25% unch. 32
Euro area AAA 2-year spot yieldEA2Y 2.92% +0.04pp 33
Euro area AAA 10-year spot yieldEA10Y 3.38% +0.03pp 34
USD per EURDEXUSEU 1.1618 +0.0020 35
ICE BofA Euro High Yield OASBAMLHE00EHYIOAS 2.65% −0.01pp 36
Euro area HICP, all items, NSACP0000EZ19M086NEST 103.22July 2026 · as known on 2026-08-19 unch. 37
Euro area real GDP, chain-linked, SA, EUR millionCLVMNACSCAB1GQEA19 2,913,099.70Q2 2026 · as known on 2026-09-07 +16,447.80 38

Japan

JGB curve39, 40, 41 2026-09-09 2026-09-02 the last observation on or before each date
1%5%2y10y30y2026-09-022026-09-09
SeriesYearLatestWeek changeSource
2-year JGB yieldJP2Y 1.83% unch. 39
10-year JGB yieldJP10Y 2.89% −0.02pp 40
30-year JGB yieldJP30Y 3.96% −0.01pp 41
JPY per USDDEXJPUS 156.11 −3.86 42
Nikkei 225 index levelNIKKEI225 65,142.78 +121.84 43
Japan unemployment rate, 15 and over, SALRHUTTTTJPM156S 2.50%June 2026 · as known on 2026-08-17 unch. 44
Japan real GDP, chain-linked, SA, JPY billionJPNRGDPEXP 598,950.50Q2 2026 · as known on 2026-09-07 +662.50 45

Canada

Government of Canada curve47, 48 2026-09-09 2026-09-02 the last observation on or before each date
3%4%2y10y2026-09-022026-09-09
SeriesYearLatestWeek changeSource
Target for the overnight rateCAPOL 2.25% unch. 46
2-year Government of Canada benchmarkCA2Y 3.13% +0.05pp 47
10-year Government of Canada benchmarkCA10Y 3.81% +0.04pp 48
CAD per USDDEXCAUS 1.3834 −0.0061 49
Canada unemployment rate, 15 and over, SALRUNTTTTCAM156S 6.40%July 2026 · as known on 2026-08-17 unch. 50
Canada real GDP, SA, CAD millionNGDPRSAXDCCAQ 631,031.80Q2 2026 · as known on 2026-09-07 +5,861.80 51

Emerging markets

EM spread and volatility53, 54 52 weeks to 2026-09-09
EM high yield corporate
2%4%2025-092026-09EM high yield corporate
EM equity volatility
10502025-092026-09EM equity volatility
SeriesYearLatestWeek changeSource
ICE BofA EM Corporate Plus OASBAMLEMCBPIOAS 1.35% −0.01pp 52
ICE BofA EM High Yield Corporate Plus OASBAMLEMHBHYCRPIOAS 2.83% −0.01pp 53
CBOE Emerging Markets ETF Volatility IndexVXEEMCLS 25.97 +2.72 54
Nominal EM economies USD indexDTWEXEMEGS 126.17 −0.89 55
CNY per USDDEXCHUS 6.7108 −0.0152 56
BRL per USDDEXBZUS 5.1214 −0.0954 57
INR per USDDEXINUS 94.490 −0.890 58
MXN per USDDEXMXUS 16.8630 −0.1800 59
KRW per USDDEXKOUS 1,346.51 −32.90 60

Policy rate and the two-year

Policy rate and the two-year5, 1, 24, 25, 32, 33, 46, 47 Policy rate Market yield 52 weeks to 2026-09-09
United States
3%5%2025-092026-09Policy rateMarket yield
United Kingdom
3%5%2025-092026-09Policy rateMarket yield
Euro area
1%3%2025-092026-09Policy rateMarket yield
Canada
2.2%3.2%2025-092026-09Policy rateMarket yield

Primary sources this week

Documents published 2026-09-03 to 2026-09-09 by the Federal Reserve, the US Treasury and the White House, collected verbatim. Each excerpt is the document's first substantive paragraph, quoted verbatim.

  1. Federal Reserve · Speech · Thursday, 3 September 2026

    Thank you, Howard. To set the stage before we talk, let me give you a sense of my thinking, as of today, about the economic outlook and the implications for monetary policy.1 The short version is that, while inflation remains meaningfully above the Federal Open Market…

  2. White House · Presidential action · Wednesday, 9 September 2026

    A quarter of a century has passed since the terrible day of September 11, 2001, and an entire generation of Americans has now come of age with no living memory of that fateful day. The passage of time must never dim what will forever burn bright in the conscience of our Nation.…

  3. White House · Presidential action · Tuesday, 8 September 2026

    1. In Proclamation 11046 of July 20, 2026 (Imposing Additional Duties To Offset Canadian Discrimination Against the Commerce of the United States With Respect to Alcoholic Beverages), I found as a fact that Canada is discriminating in fact against the commerce of the United…

  4. White House · Presidential action · Tuesday, 8 September 2026

    1. In Proclamation 11047 of July 20, 2026 (Imposing Additional Duties To Offset Canadian Discrimination Against the Commerce of the United States With Respect to Dairy), I found as a fact that Canada is discriminating in fact against the commerce of the United States through…

  5. White House · Presidential action · Tuesday, 8 September 2026

    1. In Proclamation 11048 of July 20, 2026 (Imposing Additional Duties To Offset Canadian Discrimination Against the Commerce of the United States With Respect to Motor Vehicles), I found as a fact that Canada is discriminating in fact against the commerce of the United States…

  6. White House · Presidential action · Tuesday, 8 September 2026

    1. In Proclamation 11046 of July 20, 2026 (Imposing Additional Duties To Offset Canadian Discrimination Against the Commerce of the United States With Respect to Alcoholic Beverages), I found as a fact that Canada is discriminating in fact against the commerce of the United…

  7. White House · Presidential action · Tuesday, 8 September 2026

    1. In Proclamation 11048 of July 20, 2026 (Imposing Additional Duties To Offset Canadian Discrimination Against the Commerce of the United States With Respect to Motor Vehicles), I found as a fact that Canada is discriminating in fact against the commerce of the United States…

  8. White House · Presidential action · Tuesday, 8 September 2026

    Section 1. Purpose and Policy. Millions of brave men and women have served in our Armed Forces with courage, commitment, and sacrifice, guaranteeing our security, prosperity, and freedom. These veterans deserve the best available services in return. However, outdated and…

  9. White House · Presidential action · Tuesday, 8 September 2026

    Section 1. Purpose. This order amends Executive Order 13603 of March 16, 2012 (National Defense Resources Preparedness), as amended by Executive Order 14391 of March 13, 2026 (Adjusting Certain Delegations Under the Defense Production Act). Executive Order 13603 delegates…

  10. White House · Presidential action · Monday, 7 September 2026

    This Labor Day, we recognize the hard work, dedication, and unwavering commitment of the American worker. Their inspiring skill and unbreakable spirit have propelled our country forward for generations. Their strength built our cities, their genius launched and sustained our…

  11. White House · Presidential action · Friday, 4 September 2026

    Section 1. Policy. Ranchers play a vital role in our Nation’s food supply chain and cultural heritage. These hardworking Americans ensure that our country has a reliable domestic source of high-quality animal protein products, and a secure, plentiful domestic ranching industry…

  12. White House · Presidential action · Friday, 4 September 2026

    Section 1. Purpose. American ranchers want to be able to butcher, process, package, and sell their meat to consumers across State lines while maintaining the highest standards of food safety and avoid being overcharged by monopolistic practices by meat processors. It is the…

  13. Bank of England · Speech · Friday, 4 September 2026

    I would like to reflect on independent central banks as institutions, and how their authority is grounded and is challenged.

  14. Bank of England · Speech · Thursday, 3 September 2026

    In my remarks today, I will survey the impact of recent events in the Middle East on the outlook for monetary policy here in the UK. Drawing on staff analysis prepared for the MPC’s deliberations, I will explore the issue through three distinct (though homophonic[3]) lenses.

  15. European Central Bank · Speech · Wednesday, 9 September 2026

    More than two centuries ago, the poet Johann Paul Friedrich Richter described Berlin as “more a part of the world than a city”.[1] History would prove him right.

  16. European Central Bank · Speech · Tuesday, 8 September 2026

    European banks are doing much better than they used to. Their profitability has caught up with that of US banks since the pandemic, and cost-to-income ratios in the EU are now better than in the United States. Asset quality is also improving: the NPL ratio has fallen from 6% in…

  17. European Central Bank · Speech · Friday, 4 September 2026

    Rubric www.ecb.europa.eu© Diversity and inclusion (D&I) at the ECB 2 PUBLIC STATEMENT, SINCE 2010 “Diversity is a key contributor to our success. As a European Union institution, the ECB aspires to be an organisation in which diversity is welcomed and appreciated in all its…

  18. Bank of Canada · Speech · Thursday, 3 September 2026

    I’d like to welcome Her Excellency the Right Honourable Louise Arbour, Governor General of Canada. The Governor General is the King’s representative in Canada. That is important every day, but it’s especially significant to have Her Excellency with us today. You will see why in…

Sources

  1. 2-Year Treasury constant maturity — FRED series DGS2, https://fred.stlouisfed.org/series/DGS2, vintage 2026-09-09
  2. 10-Year Treasury constant maturity — FRED series DGS10, https://fred.stlouisfed.org/series/DGS10, vintage 2026-09-09
  3. 30-Year Treasury constant maturity — FRED series DGS30, https://fred.stlouisfed.org/series/DGS30, vintage 2026-09-09
  4. 10Y minus 2Y Treasury spread — FRED series T10Y2Y, https://fred.stlouisfed.org/series/T10Y2Y, vintage 2026-09-09
  5. Fed funds target range, upper limit — FRED series DFEDTARU, https://fred.stlouisfed.org/series/DFEDTARU, vintage 2026-09-09
  6. 10-Year TIPS constant maturity (real yield) — FRED series DFII10, https://fred.stlouisfed.org/series/DFII10, vintage 2026-09-09
  7. 10-Year breakeven inflation — FRED series T10YIE, https://fred.stlouisfed.org/series/T10YIE, vintage 2026-09-09
  8. S&P 500 index level — FRED series SP500, https://fred.stlouisfed.org/series/SP500, vintage 2026-09-10
  9. NASDAQ Composite index level — FRED series NASDAQCOM, https://fred.stlouisfed.org/series/NASDAQCOM, vintage 2026-09-09
  10. ICE BofA US Corporate OAS — FRED series BAMLC0A0CM, https://fred.stlouisfed.org/series/BAMLC0A0CM, vintage 2026-09-08
  11. ICE BofA US High Yield OAS — FRED series BAMLH0A0HYM2, https://fred.stlouisfed.org/series/BAMLH0A0HYM2, vintage 2026-09-08
  12. ICE BofA US Corporate Index total return index value — FRED series BAMLCC0A0CMTRIV, https://fred.stlouisfed.org/series/BAMLCC0A0CMTRIV, vintage 2026-09-08
  13. ICE BofA US High Yield Index total return index value — FRED series BAMLHYH0A0HYM2TRIV, https://fred.stlouisfed.org/series/BAMLHYH0A0HYM2TRIV, vintage 2026-09-08
  14. Trade-weighted USD index, broad goods & services — FRED series DTWEXBGS, https://fred.stlouisfed.org/series/DTWEXBGS, vintage 2026-09-08
  15. Nominal advanced foreign economies USD index — FRED series DTWEXAFEGS, https://fred.stlouisfed.org/series/DTWEXAFEGS, vintage 2026-09-08
  16. WTI crude spot (EIA) — FRED series DCOILWTICO, https://fred.stlouisfed.org/series/DCOILWTICO, vintage 2026-09-02
  17. Brent crude spot (EIA) — FRED series DCOILBRENTEU, https://fred.stlouisfed.org/series/DCOILBRENTEU, vintage 2026-09-02
  18. CPI-U all items, SA — FRED series CPIAUCSL, https://fred.stlouisfed.org/series/CPIAUCSL, vintage 2026-08-12
  19. Core PCE price index, SA — FRED series PCEPILFE, https://fred.stlouisfed.org/series/PCEPILFE, vintage 2026-08-26
  20. Nonfarm payrolls, SA — FRED series PAYEMS, https://fred.stlouisfed.org/series/PAYEMS, vintage 2026-09-04
  21. Unemployment rate, SA — FRED series UNRATE, https://fred.stlouisfed.org/series/UNRATE, vintage 2026-09-04
  22. Atlanta Fed GDPNow real GDP nowcast, SAAR — FRED series GDPNOW, https://fred.stlouisfed.org/series/GDPNOW, vintage 2026-09-03
  23. U. Michigan consumer sentiment — FRED series UMCSENT, https://fred.stlouisfed.org/series/UMCSENT, vintage 2026-07-31
  24. Bank Rate — BOE series GBPOL, https://www.bankofengland.co.uk/boeapps/database/, vintage 2026-09-09
  25. 5-year gilt nominal par yield — BOE series GB5Y, https://www.bankofengland.co.uk/boeapps/database/, vintage 2026-09-09
  26. 10-year gilt nominal par yield — BOE series GB10Y, https://www.bankofengland.co.uk/boeapps/database/, vintage 2026-09-09
  27. 20-year gilt nominal par yield — BOE series GB20Y, https://www.bankofengland.co.uk/boeapps/database/, vintage 2026-09-09
  28. SONIA, sterling overnight index average — FRED series IUDSOIA, https://fred.stlouisfed.org/series/IUDSOIA, vintage 2026-09-09
  29. USD per GBP — FRED series DEXUSUK, https://fred.stlouisfed.org/series/DEXUSUK, vintage 2026-09-08
  30. UK unemployment rate, 15 and over, SA — FRED series LRHUTTTTGBM156S, https://fred.stlouisfed.org/series/LRHUTTTTGBM156S, vintage 2026-08-17
  31. UK real GDP, SA, GBP million — FRED series NGDPRSAXDCGBQ, https://fred.stlouisfed.org/series/NGDPRSAXDCGBQ, vintage 2026-09-07
  32. ECB deposit facility rate — ECB series EAPOL, https://data.ecb.europa.eu/, vintage 2026-09-10
  33. Euro area AAA 2-year spot yield — ECB series EA2Y, https://data.ecb.europa.eu/, vintage 2026-09-10
  34. Euro area AAA 10-year spot yield — ECB series EA10Y, https://data.ecb.europa.eu/, vintage 2026-09-10
  35. USD per EUR — FRED series DEXUSEU, https://fred.stlouisfed.org/series/DEXUSEU, vintage 2026-09-08
  36. ICE BofA Euro High Yield OAS — FRED series BAMLHE00EHYIOAS, https://fred.stlouisfed.org/series/BAMLHE00EHYIOAS, vintage 2026-09-08
  37. Euro area HICP, all items, NSA — FRED series CP0000EZ19M086NEST, https://fred.stlouisfed.org/series/CP0000EZ19M086NEST, vintage 2026-08-19
  38. Euro area real GDP, chain-linked, SA, EUR million — FRED series CLVMNACSCAB1GQEA19, https://fred.stlouisfed.org/series/CLVMNACSCAB1GQEA19, vintage 2026-09-07
  39. 2-year JGB yield — MOF series JP2Y, https://www.mof.go.jp/english/policy/jgbs/reference/interest_rate/, vintage 2026-09-10
  40. 10-year JGB yield — MOF series JP10Y, https://www.mof.go.jp/english/policy/jgbs/reference/interest_rate/, vintage 2026-09-10
  41. 30-year JGB yield — MOF series JP30Y, https://www.mof.go.jp/english/policy/jgbs/reference/interest_rate/, vintage 2026-09-10
  42. JPY per USD — FRED series DEXJPUS, https://fred.stlouisfed.org/series/DEXJPUS, vintage 2026-09-08
  43. Nikkei 225 index level — FRED series NIKKEI225, https://fred.stlouisfed.org/series/NIKKEI225, vintage 2026-09-09
  44. Japan unemployment rate, 15 and over, SA — FRED series LRHUTTTTJPM156S, https://fred.stlouisfed.org/series/LRHUTTTTJPM156S, vintage 2026-08-17
  45. Japan real GDP, chain-linked, SA, JPY billion — FRED series JPNRGDPEXP, https://fred.stlouisfed.org/series/JPNRGDPEXP, vintage 2026-09-07
  46. Target for the overnight rate — BOC series CAPOL, https://www.bankofcanada.ca/valet/, vintage 2026-09-10
  47. 2-year Government of Canada benchmark — BOC series CA2Y, https://www.bankofcanada.ca/valet/, vintage 2026-09-10
  48. 10-year Government of Canada benchmark — BOC series CA10Y, https://www.bankofcanada.ca/valet/, vintage 2026-09-10
  49. CAD per USD — FRED series DEXCAUS, https://fred.stlouisfed.org/series/DEXCAUS, vintage 2026-09-08
  50. Canada unemployment rate, 15 and over, SA — FRED series LRUNTTTTCAM156S, https://fred.stlouisfed.org/series/LRUNTTTTCAM156S, vintage 2026-08-17
  51. Canada real GDP, SA, CAD million — FRED series NGDPRSAXDCCAQ, https://fred.stlouisfed.org/series/NGDPRSAXDCCAQ, vintage 2026-09-07
  52. ICE BofA EM Corporate Plus OAS — FRED series BAMLEMCBPIOAS, https://fred.stlouisfed.org/series/BAMLEMCBPIOAS, vintage 2026-09-08
  53. ICE BofA EM High Yield Corporate Plus OAS — FRED series BAMLEMHBHYCRPIOAS, https://fred.stlouisfed.org/series/BAMLEMHBHYCRPIOAS, vintage 2026-09-08
  54. CBOE Emerging Markets ETF Volatility Index — FRED series VXEEMCLS, https://fred.stlouisfed.org/series/VXEEMCLS, vintage 2026-09-08
  55. Nominal EM economies USD index — FRED series DTWEXEMEGS, https://fred.stlouisfed.org/series/DTWEXEMEGS, vintage 2026-09-08
  56. CNY per USD — FRED series DEXCHUS, https://fred.stlouisfed.org/series/DEXCHUS, vintage 2026-09-08
  57. BRL per USD — FRED series DEXBZUS, https://fred.stlouisfed.org/series/DEXBZUS, vintage 2026-09-08
  58. INR per USD — FRED series DEXINUS, https://fred.stlouisfed.org/series/DEXINUS, vintage 2026-09-08
  59. MXN per USD — FRED series DEXMXUS, https://fred.stlouisfed.org/series/DEXMXUS, vintage 2026-09-08
  60. KRW per USD — FRED series DEXKOUS, https://fred.stlouisfed.org/series/DEXKOUS, vintage 2026-09-08