What is Trading Range?

Trading Range is an institutional-grade daily macro terminal for US equities, compiling Fed net liquidity, 10Y TIPS real yields, VIX volatility, market breadth, and cross-asset signals into a single dashboard with minimal noise.

How is Federal Reserve Net Liquidity calculated?

Fed Net Liquidity is calculated as Total Fed Assets (WALCL) minus Treasury General Account (WTREGEN) minus Overnight Reverse Repurchase Agreements (RPTCW). It correlates over 85% with medium-term S&P 500 trends.

What does the 10Y-2Y yield curve spread signal?

Un-inversion of the 10Y-2Y yield curve spread (moving back above zero) is a sensitive leading indicator for economic cycle transitions and recession timing.

What is Equity Risk Premium (ERP)?

Equity Risk Premium (ERP) is calculated as S&P 500 Forward Earnings Yield (1 / Forward P/E) minus 10-Year Treasury Yield. Values below 1% signal equities are expensive relative to risk-free bonds.

Global Markets & Assets

S&P 5005,482.10+0.45%

Nasdaq 10019,750.80+0.82%

10Y Yield4.18%-3.2bps

VIX Volatility15.40-4.15%

S&P 5005,482.10+0.45%

Nasdaq 10019,750.80+0.82%

10Y Yield4.18%-3.2bps

VIX Volatility15.40-4.15%

THETRADINGRANGE

Macro & Market Terminal

Live Terminal Macro Directory Trading Calendar

中文

Current Core Trading Narrative

Yield curve un-inversion transition continues as small-cap equities benefit from anticipated lower borrowing costs.

2026-08-10 Daily Briefing•Verified Macro Data

Daily Macro Briefing: Yield Curve Steepening Signal & Small-Cap Rotation

"Russell 2000 small-caps outperform SPY as rate-cut expectations gain traction. 10Y-2Y spread approaches un-inversion."

Net Liquidity$6.12T 10Y Yield4.24%VIX Index16.80 Fear & Greed56 (Neutral)

### Yield Curve & Sector Rotation
Small-cap equities (Russell 2000) surged +0.85% as floating-rate debt concerns ease under potential Fed monetary easing scenarios.

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