U.S. 10-Year T-Note at 4.74%: Stable Yields, Gold Reaches $4,680

The yield on the U.S. 10-year Treasury Note stands at 4.74% as of August 23, 2026, unchanged from the previous session, according to data published by the St. Louis Federal Reserve (FRED). This stability comes as gold reaches $4,680.60 per ounce, a record high, and the S&P 500 index holds steady at 7,674.37 points.

10-Year T-Note at 4.74%: A Persistent Plateau

The U.S. 10-year Treasury Note is the benchmark government bond with a 10-year maturity, considered the global reference for long-term interest rates. It reflects expectations for growth and inflation and directly influences borrowing costs for businesses and households. At 4.74%, this yield remains elevated compared to 2020-2021 levels (ranging between 0.5% and 1.5%) but has seen a slight pullback from 2025 highs. According to available information, the rate is stable for the day with no recorded movement.

Spread Between 10-Year and 3-Month Rates: 103 Basis Points

The federal funds rate proxy at 3 months, which measures the cost of short-term credit in the U.S., stands at 3.71%, also unchanged. The spread between the 10-year (4.74%) and the 3-month (3.71%) rates is therefore 103 basis points (1.03 percentage points). This positive spread indicates a normal yield curve, where long-term loans offer higher returns than short-term loans. An inverted curve (where short-term rates exceed long-term rates) has often signaled an impending recession; here, the current configuration suggests that markets anticipate moderate but sustained growth. The 3-month rate is directly linked to Federal Reserve decisions, which have maintained rates in a range of 3.50% to 3.75% according to recent announcements.

Gold at $4,680: Continued Uptrend

The price of gold reaches $4,680.60 per ounce, stable for the day. Gold is a sought-after safe-haven asset during periods of economic or geopolitical uncertainty, and its elevated level reflects investor demand for secure assets. In euros, considering the EUR/USD exchange rate at 1.17, gold is worth approximately €4,000 per ounce (€4,680.60 / 1.17), also a historical high. This upward trend, part of a long-term movement, is supported by central bank purchases and demand for protection against inflation. French individual investors can access gold through ETFs (tracking funds) or coins, but the provided data does not detail volumes or flows.

Oil at $87: A High Level

A barrel of light sweet crude oil (WTI) trades at $87.06, unchanged. This price, significantly higher than the 10-year average (around $60-$70), has direct implications for inflation and purchasing power. For French households, a barrel at $87 translates to higher pump prices, as fuel is heavily taxed in France. Oil fluctuations also impact production costs and therefore consumer goods prices. According to available information, no variation was recorded for the day, but the current level remains a factor of inflationary pressure on the global economy.

S&P 500 at 7,674 Points: Elevated Valuation

The S&P 500 index, which includes the 500 largest U.S. companies, stands at 7,674.37 points. This level is stable but represents a historical high, with the index having advanced over 10% since the start of 2026. This performance is driven by technology stocks, but the provided data does not allow sector breakdowns. The VIX, known as the "fear index," measures the implied volatility of options on the S&P 500. At 15.13 points, it is below its historical average (around 19), indicating relatively investor confidence. A VIX below 20 is