Daily Briefing — July 07, 2026

Today’s Briefing


The Morning Bell

The Market Is Sending Two Signals at Once. Pay Attention to Both.

The S&P 500 closed Thursday essentially flat at 7,483, but that headline number is doing a lot of hiding. Underneath it, a very different story is playing out, and it is the kind of split that tends to matter more than the index level itself.

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Fed Watch

The Fed Is on Pause. The Market Is Nervous. Those Two Things Aren’t Contradictions.

The effective federal funds rate has sat at 3.63% for six consecutive trading days, unwavering. No drift, no signal. The Fed isn’t moving, and the market knows it.

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Fed Watch

The Yield Curve Just Stopped Moving. That’s More Interesting Than It Sounds.

The 10-year minus 2-year Treasury spread has held at 0.35% for two consecutive readings, capping a steady climb from 0.28% just two weeks ago. It doesn’t sound like much, but the direction and the des

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Fed Watch

Bond Markets Are Saying Inflation Is Under Control. Is That Still the Right Bet?

The 10-year breakeven inflation rate ticked up to 2.24% as of July 6, just one basis point above the prior reading. That is not a dramatic move. But the steadiness of this number, hovering in a tight

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ON1010 provides economic education for investors. Nothing in this email constitutes investment advice. Always consult a qualified financial advisor before making investment decisions.

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