Pick a financial centre for its local snapshot: main index, currency against the dollar, 10-year government yield, short-term rates, its central bank and one fact worth knowing.
The rates a credit analyst checks first: the base rate loans float over, the Treasury curve that prices everything else, and the two central banks that set the tone.
| Indicator | Level | Chg | As of | Source |
|---|---|---|---|---|
| SOFR (overnight) | 3.90% | +0.02 | Oct 22, 2026 | NY Fed via FRED |
| Fed funds target (upper) | 4.00% | ±0.00 | Oct 23, 2026 | Federal Reserve via FRED |
| UST 2Y | 4.81% | +0.02 | Oct 21, 2026 | Federal Reserve H.15 via FRED |
| UST 5Y | 4.95% | +0.01 | Oct 21, 2026 | Federal Reserve H.15 via FRED |
| UST 10Y | 5.13% | +0.01 | Oct 21, 2026 | Federal Reserve H.15 via FRED |
| UST 30Y | 5.42% | ±0.00 | Oct 21, 2026 | Federal Reserve H.15 via FRED |
| 2s10s spread | +32 bp | −1 | Oct 21, 2026 | Derived (UST 10Y − 2Y) |
| ECB deposit facility rate | 2.50% | ±0.00 | Oct 23, 2026 | ECB via FRED |
| Broad US dollar index | 121.40 | −0.16 | Oct 16, 2026 | Federal Reserve via FRED |
| Brent crude ($/bbl) | $115.22 | −3.60 | Oct 20, 2026 | US EIA via FRED |
End-of-day figures from FRED, each with its date and source. Licensed series (credit spreads, loan prices, default rates) are left out until we license them. Educational content; not investment advice.
Policy rates, the dollar and oil: the macro inputs that move borrowers' costs and the downside cases in a credit memo.
Direct loans float over SOFR, so the base rate is half of every coupon. The other half, the spread, is set deal by deal: that is what the cases and guides teach you to judge.
Base rate (SOFR)3.90%Oct 22, 2026 · NY Fed via FRED
Explainer · 4 min read
Process · 3 min read
Careers · 3 min read
Primers
How each asset class works and what a credit analyst watches in it. Educational primers, not recommendations.
Ownership of a company: the residual claim after every lender is paid. Equity holders get the upside and absorb the first losses.
What a credit analyst watches: For a lender, equity value is the cushion beneath the loan. A falling share price or a lower exit multiple thins that cushion before any covenant trips.
Foundations: Equity, owning the business →Bonds and loans: a contractual promise of interest and principal. Price moves with rates (duration) and with the borrower's credit (spread).
What a credit analyst watches: Separate the two drivers. A bond can lose value because Treasury yields rose even if the borrower is fine, or because its spread widened while rates stayed put.
Foundations: Debt, lending to the business →Private credit, private equity, real estate and infrastructure: assets held for years, valued by models rather than daily prices.
What a credit analyst watches: Illiquidity is the price of the extra return. Underwrite the documents and the downside case, because you cannot sell your way out of a bad loan.
Foundations: Alternative investments →Treasury curve
The Treasury curve is the risk-free benchmark every corporate loan and bond is priced against. Its shape (2-year against 10-year) is a running read on where markets think rates are heading.
10Y yields & FX
Ten-year government yields and exchange rates across the centres on the globe. Yields are monthly averages from the OECD; exchange rates are the Federal Reserve's daily noon rates.
| Country | 10Y yield | Chg | As of |
|---|---|---|---|
| Mexico | 9.35% | +19 bp | Sep 2026 |
| South Africa | 8.95% | +20 bp | Sep 2026 |
| Poland | 6.23% | +42 bp | Sep 2026 |
| Chile | 6.01% | +33 bp | Sep 2026 |
| Australia | 5.28% | +27 bp | Sep 2026 |
| United Kingdom | 5.24% | +25 bp | Sep 2026 |
| United States | 4.99% | +31 bp | Sep 2026 |
| France | 4.48% | +45 bp | Sep 2026 |
| South Korea | 4.45% | +17 bp | Sep 2026 |
| Israel | 4.08% | +15 bp | Sep 2026 |
| Italy | 3.99% | +11 bp | Aug 2026 |
| Spain | 3.92% | +29 bp | Sep 2026 |
| Canada | 3.88% | +21 bp | Sep 2026 |
| Germany | 3.47% | +28 bp | Sep 2026 |
| Luxembourg | 3.40% | +10 bp | Aug 2026 |
| Ireland | 3.35% | +10 bp | Aug 2026 |
| Netherlands | 3.29% | +9 bp | Aug 2026 |
| Sweden | 3.19% | +17 bp | Sep 2026 |
| Japan | 3.05% | +11 bp | Sep 2026 |
| Switzerland | 0.59% | +12 bp | Sep 2026 |
| Pair | Rate | Chg | As of |
|---|---|---|---|
| GBP/USDUnited Kingdom | 1.3330 | +0.55% | Oct 16, 2026 |
| EUR/USDEuro area | 1.1231 | +0.24% | Oct 16, 2026 |
| USD/CHFSwitzerland | 0.8243 | −0.65% | Oct 16, 2026 |
| USD/INRIndia | 94.9600 | −0.11% | Oct 16, 2026 |
| USD/SGDSingapore | 1.2798 | −0.23% | Oct 16, 2026 |
| USD/HKDHong Kong | 7.8478 | +0.01% | Oct 16, 2026 |
| USD/CNYChina | 6.6861 | −0.07% | Oct 16, 2026 |
| USD/JPYJapan | 158.00 | −0.11% | Oct 16, 2026 |
| AUD/USDAustralia | 0.6950 | +0.52% | Oct 16, 2026 |
| USD/CADCanada | 1.4157 | −0.28% | Oct 16, 2026 |
| USD/BRLBrazil | 5.0864 | +0.72% | Oct 16, 2026 |
| USD/KRWSouth Korea | 1334.03 | −0.69% | Oct 16, 2026 |
| USD/SEKSweden | 9.9189 | −0.49% | Oct 16, 2026 |
| USD/ZARSouth Africa | 16.4749 | −0.29% | Oct 16, 2026 |
| USD/MXNMexico | 18.5026 | +0.28% | Oct 16, 2026 |
| USD/THBThailand | 33.4300 | −0.30% | Oct 16, 2026 |
| USD/MYRMalaysia | 4.0790 | −0.02% | Oct 16, 2026 |
Yields: OECD via FRED (monthly averages; change vs. the prior month). FX: Federal Reserve H.10 via FRED (noon buying rates; change vs. the prior day). Each row links to its series.
Data: FRED, Federal Reserve Bank of St. Louis. Earth imagery: NASA Visible Earth / Black Marble (Blue Marble: Next Generation, Earth at Night: Black Marble 2016 color maps, Topography, Bathymetry, Blue Marble clouds; public domain). Country outlines: Natural Earth (public domain). Index names are trademarks of their owners.