QTrack.ca
LOGIN

Live markets, custom tools.

QTrack is a workshop for market tracking, charting and custom indicators across crypto and equities. The board below is streaming live from Coinbase right now — sign in for the full set of tools.

BTC —
ETH —
SOL —
Gold —
Silver —
CAD / USD —

Relative Ratios

12-hour aggregates
ETH per BTC
—
Gold per BTC
—
Gold : Silver
—
CAD / USD
—

Live Markets

connecting

US Treasury Yields and Markets

What I'm building

A few of the tools in progress. Sign in to open the live versions.

—
— 12-hour range —

General information, not financial advice.

Reading the yield curve

How Fed policy shows up in Treasury yields — and what a normal vs. inverted curve tends to mean.

—
2s10s spread (10Y − 2Y)

Two kinds of “tightening.” Usually “tightening” and “easing” mean the Fed moving its overnight policy rate — up to cool inflation, down to stimulate. Quantitative easing (QE) and tightening (QT) are a second lever: the Fed buying bonds to push long-term yields down (QE), or letting them roll off to remove that support (QT).

What this chart shows. These are market yields, not the Fed’s rate — but policy leaves prints. The 2Y tracks where the market expects the funds rate to go, so a rising 2Y ≈ tightening and a falling 2Y ≈ easing. The whole curve drifting up or down marks the era; the gap between short and long (the 2s10s spread) marks the stage of the cycle.

Normal vs. inverted. Normally longer yields sit above shorter ones — an upward slope, positive 2s10s — because investors want more to lend for longer. When the Fed hikes hard, the short end climbs above the long end and 2s10s turns negative: an inverted curve. Inversion has preceded most U.S. recessions, though often by many months to over a year, and it is neither a guarantee nor a timing tool.

Why equities care. A normal, upward-sloping curve is generally supportive — cheap short funding, room to grow. A deeply inverted curve signals tighter financial conditions and slowing growth ahead, and has historically been a caution flag for stocks — especially rate-sensitive and richly-valued names — even though equities can keep rising for a while after inversion first appears. The move that has more often coincided with trouble is the re-steepening back toward zero as the Fed pivots to cuts.

U.S. economy. Higher rates and an inverted curve tend to slow lending, housing, and business investment — the intended brake on inflation, with recession as the risk if it overshoots.

Canada. The Bank of Canada sets its own rate but usually moves in the same direction as the Fed, so the Canadian curve tends to track the U.S. one. Canada is especially rate- and housing-sensitive (a large mortgage market with frequent renewals), and a U.S. slowdown hits Canadian exports and the loonie — so U.S. inversion is watched closely north of the border. The CAD/USD rate on this page often softens when U.S. growth fears rise.

General information, not financial advice.