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Morning Note · Markets No. 08 · Oct. 28, 2026 · Read the issue

The record for this issue

A flatter curve walks into Fed day.

66 claims in the draft, each tested by a second agent against the page it cites, on Oct. 28, 2026. 65 held; 1 did not and were fixed or cut before this went out.

65 confirmed 0 wrong, fixed or cut 1 unsupported, fixed or cut
  1. 01
    dek

    The 2-year Treasury rose to 4.70% on Tuesday

    The page says “10/26/2026 2 Yr 4.68; 10/27/2026 2 Yr 4.70”

    U.S. Treasury, at the passage · whole page

    confirmed
  2. 02
    dek

    the 10-year slipped to 4.99%

    The page says “10/26/2026 10 Yr 5.00; 10/27/2026 10 Yr 4.99”

    U.S. Treasury, at the passage · whole page

    confirmed
  3. 03
    dek

    narrowing the gap to 29 basis points

    The page says “10/27: 10 Yr 4.99 minus 2 Yr 4.70 = 0.29 (arithmetic from the table)”

    U.S. Treasury, at the passage · whole page

    confirmed
  4. 04
    dek

    The Fed decides today

    The page says “2026 meetings: ... October 27-28”

    Federal Reserve (FOMC calendar)

    confirmed
  5. 05
    dek

    the Bank of Canada announces at 9:45 a.m. ET

    The page says “October 28, 2026 – 09:45 ET Interest Rate Announcement and Monetary Policy Report”

    Bank of Canada, at the passage · whole page

    confirmed
  6. 06
    summary

    The 2s10s spread narrowed 3 bp to 29 bp on Tuesday

    The page says “10/26: 5.00 - 4.68 = 32 bp; 10/27: 4.99 - 4.70 = 29 bp”

    U.S. Treasury, at the passage · whole page

    confirmed
  7. 07
    summary

    SOFR printed 3.93% on Monday

    The page says “SOFR effectiveDate 2026-10-26 percentRate 3.93”

    New York Fed, at the passage · whole page

    confirmed
  8. 08
    summary

    The Fed and the Bank of Canada decide today

    The page says “October 28, 2026 – 09:45 ET Interest Rate Announcement; FOMC calendar lists October 27-28”

    Bank of Canada, at the passage · whole page

    confirmed
  9. 09
    art svg / art alt

    Direction of Tuesday's moves: 2-year up, 10-year down, illustrated below an FOMC pediment

    The page says “2 Yr 4.68 -> 4.70 (up); 10 Yr 5.00 -> 4.99 (down). The art states 'DIRECTION OF TUESDAY'S MOVES, NOT LEVELS' and 'AGENT-DRAWN ILLUSTRATION'”

    U.S. Treasury, at the passage · whole page

    confirmed
  10. 10
    The story

    The Federal Reserve's two-day meeting ends today, Oct. 28

    The page says “October 27-28”

    Federal Reserve (FOMC calendar)

    confirmed
  11. 11
    The story

    The range has been 3.75% to 4.00%

    The page says “September 17, 2026 | 25 | 0 | 3.75-4.00”

    Federal Reserve (target range), at the passage · whole page

    confirmed
  12. 12
    The story

    since a quarter-point increase on Sept. 17

    The page says “September 17, 2026 | Increase 25 | Decrease 0 | 3.75-4.00”

    Federal Reserve (target range), at the passage · whole page

    confirmed
  13. 13
    The story

    the effective rate printed 3.88% on Monday, Oct. 26, the New York Fed reported

    The page says “EFFR 2026-10-26 3.88”

    New York Fed, at the passage · whole page

    confirmed
  14. 14
    The story

    This meeting carries no Summary of Economic Projections

    The page says “October 27-28 (no asterisk); '* Meeting associated with a Summary of Economic Projections.'”

    Federal Reserve (FOMC calendar), at the passage · whole page

    confirmed
  15. 15
    The story

    the Dec. 8-9 meeting does [carry an SEP]

    The page says “December 8-9*”

    Federal Reserve (FOMC calendar)

    confirmed
  16. 16
    The story

    the 2-year yield rose 2 basis points to 4.70%

    The page says “2 Yr 4.68 (10/26) -> 4.70 (10/27)”

    U.S. Treasury, at the passage · whole page

    confirmed
  17. 17
    The story

    the 10-year slipped 1, to 4.99%

    The page says “10 Yr 5.00 -> 4.99”

    U.S. Treasury, at the passage · whole page

    confirmed
  18. 18
    The story

    the 2s10s spread narrowed 3 basis points to 29

    The page says “32 bp (10/26) -> 29 bp (10/27), from the table”

    U.S. Treasury, at the passage · whole page

    confirmed
  19. 19
    The story

    The 1-year rose 3, to 4.50%

    The page says “1 Yr 4.47 -> 4.50”

    U.S. Treasury, at the passage · whole page

    confirmed
  20. 20
    The story

    The 5-year fell 2, to 4.82%

    The page says “5 Yr 4.84 -> 4.82”

    U.S. Treasury, at the passage · whole page

    confirmed
  21. 21
    The story

    on the day Treasury auctioned 5-year notes

    The page says “Note, 5-Year, 91282CRT0, auction_date 2026-10-27, issue_date 2026-11-02”

    Treasury (Fiscal Data auctions), at the passage · whole page

    confirmed
  22. 22
    The story

    the 30-year eased 1, to 5.30%

    The page says “30 Yr 5.31 -> 5.30”

    U.S. Treasury, at the passage · whole page

    confirmed
  23. 23
    The story

    The 5-year TIPS real yield held at 2.37%

    The page says “Par real curve 5 YR: 2.37 (10/26), 2.37 (10/27)”

    U.S. Treasury (real yields), at the passage · whole page

    confirmed
  24. 24
    The story

    the 5-year breakeven slipped to 2.45% from 2.47%

    The page says “10/27: 4.82 - 2.37 = 2.45; 10/26: 4.84 - 2.37 = 2.47 (nominal and real par tables)”

    U.S. Treasury (real yields), at the passage · whole page

    confirmed
  25. 25
    The story

    its second daily decline after 2.48% on Friday

    The page says “10/22: 4.78-2.33=2.45; 10/23: 4.82-2.34=2.48; 10/26: 2.47; 10/27: 2.45, so two declines after Friday's 2.48”

    U.S. Treasury (real yields), at the passage · whole page

    confirmed
  26. 26
    The story

    At 10 years, the real yield fell 2 basis points to 2.64%

    The page says “10 YR 2.66 (10/26) -> 2.64 (10/27)”

    U.S. Treasury (real yields), at the passage · whole page

    confirmed
  27. 27
    The story

    the [10-year] breakeven edged up to 2.35%

    The page says “10/26: 5.00-2.66=2.34; 10/27: 4.99-2.64=2.35”

    U.S. Treasury (real yields), at the passage · whole page

    confirmed
  28. 28
    The story

    SOFR was 3.93% on Monday

    The page says “SOFR 2026-10-26 3.93”

    New York Fed, at the passage · whole page

    confirmed
  29. 29
    The story

    up from 3.92% on Friday

    The page says “SOFR 2026-10-23 3.92”

    New York Fed, at the passage · whole page

    confirmed
  30. 30
    The story

    and 3.90% on Oct. 22

    The page says “SOFR 2026-10-22 3.90”

    New York Fed, at the passage · whole page

    confirmed
  31. 31
    The story

    on $3,086 billion of volume

    The page says “SOFR 2026-10-26 volumeInBillions 3086”

    New York Fed, at the passage · whole page

    confirmed
  32. 32
    The story

    The effective federal funds rate was 3.88% on all three days

    The page says “EFFR 2026-10-22 3.88; 2026-10-23 3.88; 2026-10-26 3.88”

    New York Fed, at the passage · whole page

    confirmed
  33. 33
    The story

    the gap between the two widened from 2 basis points to 5

    The page says “Oct. 22: 3.90-3.88 = 2 bp; Oct. 26: 3.93-3.88 = 5 bp”

    New York Fed, at the passage · whole page

    confirmed
  34. 34
    The story

    The 1-year Treasury at 4.50% sits 50 basis points above the top of the target range

    The page says “Range 3.75-4.00; 1 Yr 4.50 on 10/27 (Treasury). 4.50 - 4.00 = 50 bp”

    Federal Reserve (target range), at the passage · whole page

    confirmed
  35. 35
    The story

    and 62 above Monday's effective rate

    The page says “EFFR 2026-10-26 3.88; 4.50 - 3.88 = 62 bp”

    New York Fed, at the passage · whole page

    confirmed
  36. 36
    The story

    the 2-year rose while the 10-year and 30-year eased

    The page says “2 Yr 4.68->4.70; 10 Yr 5.00->4.99; 30 Yr 5.31->5.30”

    U.S. Treasury, at the passage · whole page

    confirmed
  37. 37
    The story

    the 7-year note auction Thursday

    The page says “Note, 7-Year, 91282CRV5, auction_date 2026-10-29”

    Treasury (Fiscal Data auctions), at the passage · whole page

    confirmed
  38. 38
    The story

    BEA's GDP and PCE releases at 8:30 a.m. ET [Thursday]

    The page says “October 29, 8:30 AM - GDP (Advance Estimate), 3rd Quarter 2026; Personal Income and Outlays, September 2026”

    BEA, at the passage · whole page

    confirmed
  39. 39
    The tape before the open, item 1

    2-year Treasury 4.70%, +2 bp, 3:30 p.m. ET, Oct. 27

    The page says “Par table 2 Yr 4.68 -> 4.70; methodology: inputs obtained 'at or near 3:30 PM each trading day'”

    U.S. Treasury (methodology), at the passage · whole page

    confirmed
  40. 40
    The tape before the open, item 2

    5-year Treasury 4.82%, -2 bp, 3:30 p.m. ET, Oct. 27

    The page says “5 Yr 4.84 -> 4.82”

    U.S. Treasury, at the passage · whole page

    confirmed
  41. 41
    The tape before the open, item 3

    10-year Treasury 4.99%, -1 bp, 3:30 p.m. ET, Oct. 27

    The page says “10 Yr 5.00 -> 4.99”

    U.S. Treasury, at the passage · whole page

    confirmed
  42. 42
    The tape before the open, item 4

    30-year Treasury 5.30%, -1 bp, 3:30 p.m. ET, Oct. 27

    The page says “30 Yr 5.31 -> 5.30”

    U.S. Treasury, at the passage · whole page

    confirmed
  43. 43
    The tape before the open, item 5

    1-year Treasury 4.50%, +3 bp, 3:30 p.m. ET, Oct. 27

    The page says “1 Yr 4.47 -> 4.50”

    U.S. Treasury, at the passage · whole page

    confirmed
  44. 44
    The tape before the open, item 6

    2s10s spread 29 bp, -3 bp, Oct. 27

    The page says “4.99-4.70 = 29; prior 5.00-4.68 = 32”

    U.S. Treasury, at the passage · whole page

    confirmed
  45. 45
    The tape before the open, item 7

    5-year breakeven 2.45%, -2 bp, Oct. 27

    The page says “4.82-2.37 = 2.45; prior 4.84-2.37 = 2.47”

    U.S. Treasury (real yields), at the passage · whole page

    confirmed
  46. 46
    The tape before the open, item 8

    Fed funds effective 3.88%, 0 bp, Oct. 26 vs. Oct. 23

    The page says “EFFR 2026-10-26 3.88; 2026-10-23 3.88”

    New York Fed, at the passage · whole page

    confirmed
  47. 47
    The tape before the open, item 9

    SOFR 3.93%, +1 bp, Oct. 26 vs. Oct. 23

    The page says “SOFR 2026-10-26 3.93; 2026-10-23 3.92”

    New York Fed, at the passage · whole page

    confirmed
  48. 48
    The tape before the open, item 10

    EUR/USD (ECB) 1.1150, -0.0038, Oct. 27 vs. Oct. 26

    The page says “2026-10-27 USD 1.115; 2026-10-26 USD 1.1188; difference -0.0038”

    ECB, at the passage · whole page

    confirmed
  49. 49
    The tape before the open

    Fed funds and SOFR are Monday's rates; Tuesday's are published after this issue's cutoff

    New York Fed

    unsupported
  50. 50
    The morning in four, item 1

    At 5.34% on Tuesday, the 20-year yield sat 4 basis points above the 30-year's 5.30%

    The page says “10/27/2026 20 Yr 5.34, 30 Yr 5.30”

    U.S. Treasury, at the passage · whole page

    confirmed
  51. 51
    The morning in four, item 1

    as it has on both days this week

    The page says “10/26/2026 20 Yr 5.35, 30 Yr 5.31 (also 4 bp)”

    U.S. Treasury, at the passage · whole page

    confirmed
  52. 52
    The morning in four, item 2

    The ECB's dollar reference rate for the euro was 1.1150 on Tuesday

    The page says “2026-10-27 USD 1.115”

    ECB, at the passage · whole page

    confirmed
  53. 53
    The morning in four, item 2

    its fourth straight decline, from 1.1234 on Oct. 21

    The page says “10-21 1.1234; 10-22 1.1205; 10-23 1.1193; 10-26 1.1188; 10-27 1.115”

    ECB, at the passage · whole page

    confirmed
  54. 54
    The morning in four, item 3

    Census said on Tuesday that new orders for manufactured durable goods rose 1.8% in September to $345.4 billion

    The page says “Tuesday, October 27, 2026 ... new orders 'increased $6.3 billion or 1.8 percent to $345.4 billion'”

    Census Bureau (durable goods), at the passage · whole page

    confirmed
  55. 55
    The morning in four, item 3

    transportation equipment rose 4.6%

    The page says “Transportation equipment ... up ... 4.6 percent to $119.8 billion”

    Census Bureau (durable goods)

    confirmed
  56. 56
    The morning in four, item 3

    Excluding transportation, orders rose 0.5%

    The page says “Excluding transportation, new orders increased 0.5 percent”

    Census Bureau (durable goods), at the passage · whole page

    confirmed
  57. 57
    The morning in four, item 4

    The Bank of Canada announces today at 9:45 a.m. ET with its Monetary Policy Report

    The page says “October 28, 2026 – 09:45 ET Interest Rate Announcement and Monetary Policy Report”

    Bank of Canada, at the passage · whole page

    confirmed
  58. 58
    The morning in four, item 4

    The ECB meets today and Thursday, with a press conference after

    The page says “28/10/2026 ... monetary policy meeting in Frankfurt (Day 1); 29/10/2026 ... (Day 2), followed by press conference”

    ECB (meeting calendar)

    confirmed
  59. 59
    The morning in four, item 4

    the Bank of Japan meets Thursday and Friday

    The page says “Oct. 29 (Thurs.), 30 (Fri.)”

    Bank of Japan, at the passage · whole page

    confirmed
  60. 60
    What to watch, item 1

    9:45 a.m. Bank of Canada: the overnight rate target and the Monetary Policy Report

    The page says “09:45 ET ... announces the setting for the overnight rate target in a press release ... Monetary Policy Report”

    Bank of Canada

    confirmed
  61. 61
    What to watch, item 2

    Day two of the Oct. 27-28 meeting; the statement sets the target range

    The page says “October 27-28”

    Federal Reserve (FOMC calendar)

    confirmed
  62. 62
    What to watch, item 3

    a second 2-year note sale today, after Monday's

    The page says “Note, 2-Year, 91282CRU7, auction 2026-10-26; Note, 2-Year, 91282CRS2, auction 2026-10-28”

    Treasury (Fiscal Data auctions), at the passage · whole page

    confirmed
  63. 63
    What to watch, item 3

    and the 7-year on Thursday

    The page says “Note, 7-Year, auction_date 2026-10-29”

    Treasury (Fiscal Data auctions), at the passage · whole page

    confirmed
  64. 64
    What to watch, item 3

    both issue Nov. 2

    The page says “91282CRS2 issue_date 2026-11-02; 91282CRV5 issue_date 2026-11-02”

    Treasury (Fiscal Data auctions), at the passage · whole page

    confirmed
  65. 65
    What to watch, item 4

    Thu. 8:30 a.m.: BEA's advance third-quarter GDP estimate

    The page says “October 29, 8:30 AM - GDP (Advance Estimate), 3rd Quarter 2026”

    BEA, at the passage · whole page

    confirmed
  66. 66
    What to watch, item 4

    and September personal income and outlays

    The page says “October 29, 8:30 AM - Personal Income and Outlays, September 2026”

    BEA, at the passage · whole page

    confirmed

Content from the New York Fed: © 2026 Federal Reserve Bank of New York, subject to the Terms of Use at newyorkfed.org.

Data from the Bank of Canada, used under its terms of use.

Source: European Central Bank.

Source: Bank of Japan.

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