U.S. bond market was closed for Columbus Day: what is on the calendar before the October 16 expiration?
- Applies to:
- SPX box spread, American-style box spread, Half box
- Risk type:
- Financing cost
Fact
No material changes.
- On October 12 the U.S. cash bond market was closed (SIFMA recommendation, Columbus Day). There is no new Treasury yield curve data for October 12.
- The latest curve is as of October 9: 1 month — 4.13%, 1 year — 4.47%, 10 years — 5.24%.
- Overnight: SOFR — 3.87%, EFFR — 3.88% as of October 8; the Fed's range is 3.75–4.00%. The October 13 snapshot has no new SOFR/EFFR for October 9–12.
- ZMR is 5.11% per year (observed October 13, 2026 ≈07:01 Europe/Madrid, 367-day term). That is 2.87 percentage points below the average margin rate on $100 000 at four brokers (7.98%).
Sources: SIFMA; U.S. Treasury, Daily Treasury Par Yield Curve Rates (curve as of October 9, 2026, checked October 13, 2026); Federal Reserve Bank of New York, reference rates (October 8, 2026); ZMR — Zero Margin calculation (observed October 13 ≈07:01 Madrid).
Our reading
No new point appeared on the Treasury curve for Monday: the bond benchmark remains Friday's. This week the calendar — CPI, the monthly options expiration and the Fed meeting — matters more than a rate move that did not happen in bonds.
What to check
- Does the term of your financing match the part of the curve you compare it with?
- Does your structure have legs expiring on October 16?
Limits
The bond market closure does not mean the stock market did not trade. The entry does not analyze why rates moved. Treasury yields are coupon-equivalent par yields (par yield); ZMR is a simple annual rate; we do not compare them directly.
Next checkpoint
October 14, 8:30 ET — September CPI; October 16 — standard monthly options expiration; October 27–28 — FOMC meeting
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On X today
On October 12 the U.S. cash bond market was closed (SIFMA, Columbus Day). There is no new Treasury curve for Monday: the latest data point is October 9 (1 month 4.13%, 1 year 4.47%, 10 years 5.24%). Overnight rates had no fresh update in the morning snapshot: SOFR 3.87% and EFFR 3.88% as of October 8, the Fed's range 3.75–4.00%. ZMR as of October 13 ≈07:01 (Madrid) is 5.11% per year (367-day term), 2.87 percentage points below the average margin rate on $100 000 at four brokers (7.98%). No material change in financing costs on the Treasury curve for Monday itself — the benchmark remains Friday's. The week's calendar matters more: October 14 — September CPI, October 16 — monthly options expiration, October 27–28 — the Fed. Sources: SIFMA; U.S. Treasury (curve as of Oct 9); New York Fed; ZMR — Zero Margin calculation.
The week after Columbus Day: on Monday the U.S. cash bond market did not trade (SIFMA), so there is no fresh Treasury curve for October 12. Below are the checkpoints for rates and options. — October 14, 8:30 ET — September CPI (BLS). — October 15, 8:30 ET — September PPI (BLS). — October 16 — standard monthly options expiration (third Friday). — October 27–28 — FOMC meeting (Federal Reserve). Rates going into the week (latest available data points): Treasury curve as of October 9 — 1 month 4.13%, 1 year 4.47%, 10 years 5.24%; SOFR 3.87% and EFFR 3.88% as of October 8; ZMR 5.11% as of October 13 ≈07:01 Madrid (367-day term). The calendar does not suggest a decision on any specific position: it only marks when the market and economic data may shift financing-cost benchmarks and the timing of option legs. Sources: SIFMA; BLS (October 2026 schedule and CPI); Cboe (expiration calendar); Federal Reserve (FOMC calendar); U.S. Treasury; New York Fed; ZMR — Zero Margin calculation.
The feed describes market events and does not assess any specific account or position. Decisions are yours.