Treasury constant maturities on 15 May held unchanged from the prior pull while 2026Q1 state-and-local nominal activity reached about $3.43 trillion, up from roughly $3.37 trillion in 2025Q4. Updated at 25 August 2026. FinUties · Policy Desk · Flat Treasury yields, rising fiscal stocks Scope This edition interprets US policy-sensitive interest rates, selected national-accounts fiscal lines, and labour-price index history as they bear on monetary transmission and fiscal momentum. It is descriptive research commentary, not investment advice. Conclusions are conditional where planned feeds returned no usable observations. Introduction This edition asks: why are policy-sensitive yields and liquidity prints turning, and into what front-end or funding state? Evidence answer (as-of 2026-05-19 UTC): On 15 May 2026, constant-maturity Treasury yields were unchanged from the prior stored pull: the six-month at 3.77%, one-year at 3.82%, two-year at 4.09%, three-year at 3.69%, five-year at 4.26%, ten-year at 4.59%, and thirty-year at 5.12%.; In the same window, state and local activity in current dollars reached about $3.43 trillion in 2026Q1, up from roughly $3.37 trillion in 2025Q4 and $3.33 trillion in 2025Q3—a nominal stair-step that contrasts with a frozen rate surface.. That is the read from prints already in this edition — not a forecast and not advice. On 15 May 2026, constant-maturity Treasury yields were unchanged from the prior stored pull: the six-month at 3.77%, one-year at 3.82%, two-year at 4.09%, three-year at 3.69%, five-year at 4.26%, ten-year at 4.59%, and thirty-year at 5.12%. In the same window, state and local activity in current dollars reached about $3.43 trillion in 2026Q1, up from roughly $3.37 trillion in 2025Q4 and $3.33 trillion in 2025Q3—a nominal stair-step that contrasts with a frozen rate surface. Less: Receipts from sales of goods and services by nonprofit institutions printed about $1.78 trillion in 2026Q1, above $1.75 trillion in 2025Q4. Labour-price index readings in the pull are 2019 vintage only (December 258.63, November 257.88), too stale for near-term inflation narrative. Daily policy-related rates, New York Fed money-market rates, and two ECB economics paths returned no parseable fields, leaving funding-stress and cross-Atlantic policy comparisons unobserved. This edition asks whether policy-sensitive rates, money-market…
Pipeline-assisted research note with publish gates. Informational only — not investment advice.
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