Rates2026-07-14
Notebook № 214 — Rates, macro & markets
The index for readers who count.
Independent analysis of interest rates, credit, and equity valuation — written for self-directed investors who prefer a tabulated argument to a loud one. No forecasts we can't source, no charts without a footnote.
Session close — 18 Jul
- US 10Y
- 4.28%+6bps
- S&P 500
- 5,410−0.82%
- DXY
- 104.20+0.31%
- Gold
- $2,388+1.22%
- Brent
- $83.10−0.44%
Figures are illustrative; see Methodology for sourcing.
Markets snapshot
Delayed 15m| Instrument | Last | Chg |
|---|---|---|
| US 2-Year TreasuryGT2 | 4.71 | +0.03 |
Snapshot is a demonstration dataset — not investment advice. Levels are end-of-session and rounded.
Latest analysis
All entriesThe long read
A duration primer for the reluctant bond buyer
The single number that tells you how a bond behaves when rates move — and why a 2% coupon and a 6% coupon can lose the same money. A field guide, with the arithmetic kept in plain sight.
- Modified duration
- 6.4 yrs
- Price move / 100bps
- −6.4%
- Convexity offset
- +0.4%
Desks
- Rates & Fixed Income
Curves, credit spreads, and the plumbing of money markets.
42 - Equity Valuation
Multiples, margins, and what a discount rate actually buys.
38 - Macro & Central Banks
Growth, inflation, and reading a central bank in its own words.
51 - Portfolio Construction
Sizing, rebalancing, and the tax of doing too much.
29
The Friday note
One tabulated argument, every Friday.
A single chart, the data behind it, and what it changes. No paywall, no forwarding to your inbox at 6am. Roughly 24,000 readers.