Beneath the surface

Selected for non-obvious structure
MarketsCross-asset · live · 03:12 UTC · Yahoo Finance / FRED / CFTC
Equities
7,747.71
S&P 500
+1.06%
Elevated
Rates
4.762
US 10Y yield, %
-3.4bp
Normal
Credit
266
US high-yield spread, bp
+1
Normal
FX
99.00
Dollar index (DXY)
-0.56%
Elevated
Commodities
91.81
WTI crude, $/bbl
+0.88%
Normal
Volatility
14.32
VIX
-0.88
Normal
Rates
Curve steepening shows funding stress is in the short end

Short-term rates are repricing fast; growth views shift only later.

Credit
Risk clusters by borrower, not sector

An index average can conceal default clustering within a handful of balance sheets.

Liquidity
Market depth thins quietly before volatility spikes

Liquidity risk materializes before benchmarks move, reflected first in canceled quotes.

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