Beneath the surface

Selected for non-obvious structure
MarketsCross-asset · live · 08:34 UTC · Yahoo Finance / FRED / CFTC
Equities
7,591.70
S&P 500
-0.58%
Normal
Rates
4.944
US 10Y yield, %
+10.7bp
Elevated
Credit
271
US high-yield spread, bp
+4
Normal
FX
99.09
Dollar index (DXY)
+0.00%
Normal
Commodities
100.32
WTI crude, $/bbl
-2.11%
Elevated
Volatility
17.58
VIX
-0.26
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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