Financial Conditions

ICE BofA High Yield Option-Adjusted Spread, the market's price of default risk.

ICE BofA Investment Grade OAS, credit stress in high-quality corporate bonds.

HY corporate bond effective yield, total return required by junk bond investors.

IG corporate bond effective yield, cost of investment-grade corporate borrowing.

BBB-rated corporate bond OAS, the lowest rung of investment grade.

AAA-rated corporate bond OAS, flight-to-quality indicator.

Moody's Aaa corporate minus 10Y Treasury, credit risk premium for top-rated corporates.

Moody's Baa minus 10Y Treasury, a wider measure of corporate credit risk.

Chicago Fed National Financial Conditions Index, positive = tighter than average.

NFCI adjusted for prevailing economic conditions, isolates financial stress from the cycle.

St. Louis Fed Financial Stress Index, below zero = below-average stress.

Senior Loan Officer Survey, net % of banks tightening standards on C&I loans.

Net % of banks tightening credit card lending standards.

Delinquency rate on credit card loans, consumer stress indicator.

Total assets held by the Federal Reserve, the QE/QT gauge.

ON RRP facility balance, liquidity buffer absorbing QT before reserves drain.

Treasury's cash balance at the Fed, drawdowns inject liquidity into markets.

Broad money supply including cash, checking, savings, and money market funds.

Total reserves of depository institutions at the Federal Reserve.

Currency in circulation plus bank reserves, the Fed's narrowest money measure.

Bank reserve balances deposited at the Federal Reserve, critical QT floor indicator.

Outstanding credit card loans at all commercial banks.

Convex Net Liquidity Index, Fed Balance Sheet minus Reverse Repo minus TGA. Measures actual liquidity flowing into markets.

Yield on 7-year TIPS, the belly of the real yield curve.

Yield on 20-year TIPS, long-duration real rate component.

Yield on 30-year TIPS, the longest real yield tenor the Treasury issues.

Monthly 20-year breakeven inflation rate, long-horizon market inflation expectations.

Monthly 30-year breakeven inflation rate, the longest-horizon inflation expectation gauge.

Moody's seasoned Aaa corporate bond yield, the deepest historical US investment-grade series.

Moody's seasoned Baa corporate bond yield, the classic lowest-rung investment-grade benchmark.

ICE BofA AA-rated corporate option-adjusted spread, the tightest rung of true investment-grade credit.

ICE BofA single-A corporate OAS, the core of the investment-grade index by market weight.

ICE BofA 7 to 10 year corporate OAS, tenor-matched duration component of the IG complex.

ICE BofA BB-rated high-yield OAS, the highest-quality junk bond tier.

ICE BofA single-B high-yield OAS, the mid-tier junk bond cohort.

ICE BofA CCC & lower HY OAS, the distressed end of credit that spikes hardest in crises.

BoJ monetary base (banknotes plus coin plus BoJ current-account balances), in 100 million yen. Core liquidity gauge for the yen system (series MA02'MABS1AA000).

Aggregate Japanese Government Bonds held on the BoJ balance sheet, in 100 million yen (series BS01'MABSPR01). Tracks YCC unwind and QT progress.

Total currency reserves held by the SNB in millions of Swiss francs (cube snbbipo, summed across asset classes). Tracks FX intervention and reserve-diversification moves.

iShares iBoxx High Yield Corporate Bond ETF.

iShares iBoxx Investment Grade Corporate Bond ETF.