10‑year swaps yield 3.93% today

- Market data show 10‑year interest‑rate swaps near 3.93%, delivering roughly 23 basis points excess yield versus cash instruments this week. - Credit markets remain tight with investment‑grade spreads near 81 basis points and high‑yield around 284 basis points, while agency MBS trade ~2.0% over the 10‑year. - The yield and spread profile is steering fixed‑income investors toward careful duration and spread management amid sticky inflation and geopolitics. (x.com 1) (x.com 2)