tipsheet.markets
Market data to 30 Sept 2026 · Data status

Global macro

The world Indian markets trade in

The US 10-year Treasury yields 5.26%, against 4.15% a year ago. US rates, the dollar and global liquidity are the backdrop for foreign money in India, though, as the last section shows, a weaker one than often claimed.

For: investors who want the global context for FPI flows and the rupee.

US 10-year Treasury
5.26%
29 Sept 2026 · a year ago 4.15%
Higher than 49% of readings since 1962
US 10-year minus 2-year
+0.37 pts
29 Sept 2026 · a year ago +0.52 pts
Higher than 33% of readings since 1976
US CPI inflation
3.4%
Aug 2026 · a year ago 2.9%
Higher than 63% of readings since 1914
Fed balance sheet, $ billion
6,748
23 Sept 2026 · a year ago 6,609
Higher than 79% of readings since 2002
Broad dollar index (2006 = 100)
120.3
25 Sept 2026 · a year ago 120.5
Higher than 85% of readings since 2006
Brent crude, $ a barrel
114.0
29 Sept 2026 · a year ago 69.0
Higher than 96% of readings since 1987

US rates

US Treasury yields

Weekly, constant maturity, from 2000. Federal Reserve H.15.

3 months2 years10 years30 years

Loading chart…

Source: Board of Governors of the Federal Reserve System, H.15 Selected Interest Rates (US Treasury constant-maturity yields), via FRED, Federal Reserve Bank of St. Louis
Method JSON

The US yield curve since 1962

Month-end. Below zero: inverted, which has preceded most US recessions.

10-year minus 2-year10-year minus 3-month

Loading chart…

Source: Board of Governors of the Federal Reserve System, H.15 Selected Interest Rates (US Treasury constant-maturity yields), via FRED, Federal Reserve Bank of St. Louis
Method JSON

Real yields and expected inflation, 10-year

The nominal 10-year yield is the sum of the two lines.

Real (TIPS) yieldBreakeven inflation

Loading chart…

Source: Board of Governors of the Federal Reserve System H.15 (10-year TIPS yield DFII10, 10-year yield DGS10) and FRED's 10-year breakeven T10YIE, via FRED, Federal Reserve Bank of St. Louis
Method JSON

The Fed and liquidity

Fed balance sheet and net liquidity

Weekly. Net liquidity = Fed assets minus the Treasury's cash account minus overnight reverse repos.

Fed total assetsNet liquidity

Loading chart…

Source: Board of Governors of the Federal Reserve System, H.4.1 Factors Affecting Reserve Balances (WALCL, WDTGAL, WTREGEN); Federal Reserve Bank of New York, temporary open market operations (RRPONTSYD); via FRED, Federal Reserve Bank of St. Louis
Method JSON

US financial conditions

Above zero: tighter or more stressed than average.

Chicago Fed NFCISt Louis Fed stress index

Loading chart…

Source: Federal Reserve Bank of Chicago (NFCI) and Federal Reserve Bank of St. Louis (STLFSI4), via FRED, Federal Reserve Bank of St. Louis
Method JSON

US inflation and jobs

US inflation

Year on year. October 2025 CPI was never published (government shutdown) and is left blank.

CPICore CPICore PCE

Loading chart…

Source: US Bureau of Labor Statistics (CPI-U: CPIAUCNS, CPILFENS; unemployment UNRATE; payrolls PAYEMS), via FRED, Federal Reserve Bank of St. Louis; US Bureau of Economic Analysis, PCE price index (PCEPI, PCEPILFE), via FRED, Federal Reserve Bank of St. Louis
Method JSON

US unemployment and the policy rate

Monthly.

Unemployment rateFed funds rate

Loading chart…

Source: US Bureau of Labor Statistics (CPI-U: CPIAUCNS, CPILFENS; unemployment UNRATE; payrolls PAYEMS), via FRED, Federal Reserve Bank of St. Louis; Board of Governors of the Federal Reserve System, H.15 (effective federal funds rate FEDFUNDS) and H.6 (M2SL), via FRED, Federal Reserve Bank of St. Louis
Method JSON

The dollar and oil

USD/INR

Weekly, Federal Reserve H.10 noon rate.

Loading chart…

Source: Board of Governors of the Federal Reserve System, H.10 Foreign Exchange Rates (DTWEXBGS, DEXINUS), via FRED, Federal Reserve Bank of St. Louis
Method JSON

Crude oil

Weekly spot prices, EIA.

BrentWTI

Loading chart…

Source: US Energy Information Administration, spot prices (DCOILBRENTEU, DCOILWTICO), via FRED, Federal Reserve Bank of St. Louis
Method JSON

US stocks: distance from the high

S&P 500 drawdown, weekly. Shown as a derived measure only; index levels are S&P's to license.

Loading chart…

Source: Derived from S&P 500 (S&P Dow Jones Indices LLC) and Cboe VIX closes as distributed by FRED; levels are third-party copyrighted and not published
Method JSON

Does any of it move foreign money into India?

Less than you'd think. Over the full period, weekly FPI equity flows into India correlate with changes in US net liquidity, the 10-year yield and the dollar at between −0.02 and −0.09: close to nothing. The rolling correlations swing from −0.40 to +0.35. The steadiest monthly link is with the dollar, at −0.33. Descriptive, not causal.

Rolling 52-week correlation of weekly FPI equity flows with…

Each line: correlation of FPI net equity buying with the weekly change in that driver.

vs dollarvs US 10-yearvs Fed net liquidity

Loading chart…

Source: FPI net investment: NSDL daily (US$) and RBI monthly portfolio investment (US$), via IndiaDataHub; Board of Governors of the Federal Reserve System, H.4.1 Factors Affecting Reserve Balances (WALCL, WDTGAL, WTREGEN); Federal Reserve Bank of New York, temporary open market operations (RRPONTSYD); via FRED, Federal Reserve Bank of St. Louis; Board of Governors of the Federal Reserve System, H.15 Selected Interest Rates (US Treasury constant-maturity yields), via FRED, Federal Reserve Bank of St. Louis; Board of Governors of the Federal Reserve System, H.10 Foreign Exchange Rates (DTWEXBGS, DEXINUS), via FRED, Federal Reserve Bank of St. Louis
Method JSON

FPI inflows against the dollar

Both standardised to z-scores so they share one axis. Monthly from 2003.

FPI inflows, 12-month sumDollar, year on year

Loading chart…

Source: FPI net investment: NSDL daily (US$) and RBI monthly portfolio investment (US$), via IndiaDataHub; Board of Governors of the Federal Reserve System, H.4.1 Factors Affecting Reserve Balances (WALCL, WDTGAL, WTREGEN); Federal Reserve Bank of New York, temporary open market operations (RRPONTSYD); via FRED, Federal Reserve Bank of St. Louis; Board of Governors of the Federal Reserve System, H.15 Selected Interest Rates (US Treasury constant-maturity yields), via FRED, Federal Reserve Bank of St. Louis; Board of Governors of the Federal Reserve System, H.10 Foreign Exchange Rates (DTWEXBGS, DEXINUS), via FRED, Federal Reserve Bank of St. Louis
Method JSON