Borrowing costs have eased back toward normal.

Federal Funds Rate

Fed funds: 3.63% — The Fed's policy rate is 3.63%, and easing as the Fed pivots toward cuts.

10-Year Treasury Yield

10-year: 4.45% — Now 4.45%, little changed over the past year.

2-Year Treasury Yield

2-year: 4.05% — Now 4.05%, up 0.11 points over the past year.

Rate Expectations · 2-Year minus Fed Funds

2y vs Fed: 0.42% — The 2-year yield is 0.42 points above the Fed's rate — markets are pricing rate hikes ahead.