US10Y — Events & Drivers

Analysis date: 2026-03-13

Unified Events

idnameparentcategorytemporalStaterealizationStatusvaluetrendsignificancedirectionmagnitudedurationprobabilityconfidencedatestartDateprojectedEndleadTimeleadTimeBasissourceTypelastUpdatedtopicssourcesevidenceForevidenceAgainstleadTimeEvidencereferences
EV001Treasury issuance pressure from fiscal deficits-supplypresentconfirmedLarge structural deficit ~$1.5T+stablehighbullishmajorstructural-high2026-03-132020-01-01---llm-search2026-03-13fiscal,treasury,supplyS001SF001,SF002,SF003--EV002,EV003
EV00220-year auction tail in late February-supplypastconfirmedSignificant tail, weak bid-to-cover-highbullishmajorshort-high2026-02-28----llm-search2026-03-13auction,demand,supplyS002SF004,SF005--EV001
EV003Fed QT continues (balance sheet runoff)-supplypresentconfirmed$95B/month runoffstablehighbullishmoderatesustained-high2026-03-132022-06-01---llm-search2026-03-13fed,qt,supplyS003SF006,SF007--EV001
EV004Kevin Warsh nominated as Fed Chair successor-supplyfutureregisteredWarsh nominated-mediumbullishmoderatesustained80%medium2026-05-23--10 weeksPowell term expiryllm-search2026-03-13fed,chair,policyS004SF008,SF009--EV005
EV005Market pricing only one 25bp cut in 2026-supplypresentconfirmedOne 25bp cut priceddeceleratinghighbullishmoderatesustained-high2026-03-13----llm-search2026-03-13fed,rates,futuresS005SF019,SF020--EV004,EV007
EV006FOMC March meeting expected hold with hawkish tilt-supplyfutureregisteredHold expected with hawkish dot plot-highbullishmoderatetransient92%high2026-03-19--6 daysFOMC calendarllm-search2026-03-13fomc,rates,policyS003---EV005,EV007
EV007Sticky inflation — PCE core at 3.0% YoY-demandpresentconfirmed3.0% YoY core PCEacceleratinghighbullishmajorsustained-high2026-03-13----llm-search2026-03-13inflation,pce,fedS006SF010,SF011,SF012--EV008,EV005
EV008Oil shock from Iran/Hormuz closure-demandpresentconfirmedBrent ~$101, Hormuz blockedvolatilehighbullishmajorshort-high2026-03-132026-02-282026-04-01--llm-search2026-03-13oil,iran,geopoliticalS007SF013,SF014,SF015--EV007
EV009ISM Manufacturing Prices surge to 70.5-demandpastconfirmed70.5 (surged 11.5 pts)acceleratingmediumbullishmoderateshort-high2026-03-03----llm-search2026-03-13ism,manufacturing,inflationS008---EV007
EV010NFP -92K massive miss-demandpastconfirmed-92,000 jobsdeceleratinghighbearishmajorshort-high2026-03-06----llm-search2026-03-13labor,nfp,recessionS009SF016,SF017,SF018--EV011,EV012
EV011Unemployment jumps to 4.4%EV010demandpastconfirmed4.4%acceleratinghighbearishmoderateshort-high2026-03-06----llm-search2026-03-13labor,unemploymentS009SF018--EV010
EV012GDP decelerates to 1.4% (Q4 2025)-demandpastconfirmed1.4% QoQ ann.deceleratingmediumbearishmoderateshort-high2026-02-20----llm-search2026-03-13gdp,growth,recessionS010---EV010
EV013VIX elevated at 30+-demandpresentconfirmed~30+elevatedmediumbearishmoderatetransient-high2026-03-13----llm-search2026-03-13vix,volatility,riskS011---EV010,EV008
EV014Geopolitical crisis safe haven bidEV008demandpresentpartialModerate safe haven bidstablemediumbearishmoderatetransient-medium2026-03-13----llm-search2026-03-13geopolitical,safe-havenS007-EV007-EV008
EV015Japan selling Treasuries for intervention-demandpresentpartialUSD/JPY at 159.38acceleratingmediumbullishmoderatetransient50%medium2026-03-13----llm-search2026-03-13japan,intervention,fxS012----
EV016Foreign central bank demand uncertain-demandpresentpartialDe-dollarization trendstablelowbullishminorsustained-low2026-03-13----llm-search2026-03-13foreign,central-bank,demandS013----

Sources

idsourceauthortypedatequoteaudiencecredibilityimpactreferences
S001CBO-gov-report2026-02-01Deficit projections exceed $1.5T annuallypublichighEV001EV001
S002Treasury Direct-gov-data2026-02-2820-year auction tailed significantlypublichighEV002EV002
S003Federal Reserve-central-bank2026-01-28Balance sheet reduction continuespublichighEV003,EV006EV003,EV006
S004Multiple news outlets-news-report2026-03-12Warsh nominated as Fed Chair successorpublichighEV004EV004
S005CME FedWatch-market-data2026-03-13Only one 25bp cut priced for 2026professionalhighEV005EV005
S006BEA-gov-data2026-03-13Core PCE 3.0% YoY, above 2.8% expectedpublichighEV007EV007
S007Bloomberg/CNBC-news-report2026-03-12Hormuz remains blocked; Brent at $101publichighEV008,EV014EV008,EV014
S008ISM-survey-data2026-03-03Manufacturing Prices surge to 70.5publichighEV009EV009
S009BLS-gov-data2026-03-06NFP -92K; unemployment 4.4%publichighEV010,EV011EV010,EV011
S010BEA-gov-data2026-02-20Q4 GDP 1.4% advancepublichighEV012EV012
S011CBOE-market-data2026-03-13VIX at 30+professionalhighEV013EV013
S012TradingEconomics-market-data2026-03-13USD/JPY at 159.38, intervention watchprofessionalmediumEV015EV015
S013IMF COFER-research2026-01-01Reserve diversification continuesprofessionalmediumEV016EV016

Sub-Factors

idsubFactorparenttypevalueEvidencestatusleadTimestartDateprojectedEndlastUpdatedsourcesreferences
SF001Federal budget deficit exceeds $1.5T annuallyEV001constraintCBO projections, structural entitlement spendingconfirmed-2020-01-01-2026-03-13S001EV001
SF002No fiscal consolidation legislation pendingEV001constraintCongress focused on tariffs and trade policy, not deficit reductionconfirmed---2026-03-13S001EV001
SF003Auction sizes have increased across maturity spectrumEV001actionTreasury announced larger coupon auction sizes for 2026confirmed-2026-01-01-2026-03-13S002EV001
SF004Bid-to-cover ratio below recent averagesEV002actionWeak demand forced higher yield to clearconfirmed---2026-03-13S002EV002
SF005Duration demand weak amid rate uncertaintyEV002capabilityInstitutional buyers reluctant at current yields given inflation uncertaintyconfirmed---2026-03-13S002EV002
SF006$95B/month balance sheet runoff in effect-actionFed policy statement confirms ongoing QTconfirmed-2022-06-01-2026-03-13S003-
SF007No discussion of pausing QT at recent meetings-intentionPowell has signaled QT to continue on autopilotconfirmed---2026-03-13S003-
SF008Warsh historically inflation-hawkishEV004precedentDissented on QE during 2010-2011; favors earlier tighteningconfirmed---2026-03-13S004EV004
SF009Senate confirmation likely given Republican majorityEV004capabilityNomination process standard but not guaranteed; May 2026 timelinepartial---2026-03-13S004EV004
SF010Core PCE beat expectations (3.0% vs 2.8% expected)EV007actionBEA official release March 13, 2026confirmed---2026-03-13S006EV007
SF011Services inflation remains elevatedEV007constraintShelter and non-housing services stickyconfirmed---2026-03-13S006EV007
SF012Oil shock adds to inflation expectationsEV007capabilityBrent at $101; energy pass-through to broader inflationconfirmed---2026-03-13S007EV007
SF013Strait of Hormuz remains mined and blockedEV008actionIran IRGC mines still in place; limited traffic testing passageconfirmed-2026-02-28-2026-03-13S007EV008
SF01420% of global oil transits HormuzEV008constraintStrategic chokepoint for Gulf producersconfirmed---2026-03-13S007EV008
SF015War expected to end in 2-4 weeksEV008intentionTrump signals winding down; but Hormuz reopening timeline unclearpartial2-4 weeks-2026-04-012026-03-13S007EV008
SF016February payrolls confirmed at -92,000EV010actionBLS official release March 6, 2026confirmed---2026-03-13S009EV010
SF017DOGE layoffs contributed to job lossesEV010capabilityFederal workforce reductions impacting payrollsconfirmed---2026-03-13S009EV010
SF018Unemployment rate jumped 0.3pp to 4.4%EV010actionHighest since October 2021confirmed---2026-03-13S009EV010
SF019Fed funds futures imply September cut onlyEV005actionCME FedWatch probability dataconfirmed---2026-03-13S005EV005
SF020Oil shock repriced inflation outlookEV005capabilityMarket expectations shifted sharply post-Hormuz closureconfirmed---2026-03-13S007EV005