Credit & Financial Stressweekly
Adjusted NFCI
NFCI adjusted for prevailing economic conditions, isolates financial stress from the cycle.
-0.43
1W +1.14%1M +7.87%3M +25.72%
Updated 3m agoCredit markets are often the first to signal trouble. Widening high-yield spreads and rising financial stress indexes have historically led equity drawdowns by weeks or months. Tracking these gauges helps identify when risk appetite is contracting and defensive positioning is warranted.
Updated just now
Recent Data
| Date | Value | Change |
|---|---|---|
| Apr 3, 2026 | -0.43 | +1.14% |
| Mar 27, 2026 | -0.44 | +3.10% |
| Mar 20, 2026 | -0.45 | +3.83% |
| Mar 13, 2026 | -0.47 | +4.47% |
| Mar 6, 2026 | -0.49 | +5.24% |
| Feb 27, 2026 | -0.52 | +3.67% |
| Feb 20, 2026 | -0.54 | +3.10% |
| Feb 13, 2026 | -0.56 | +2.65% |
| Feb 6, 2026 | -0.57 | +1.99% |
| Jan 30, 2026 | -0.58 | — |
Related in Credit & Financial Stress
HY Credit Spread (OAS)
ICE BofA High Yield Option-Adjusted Spread, the market's price of default risk.
IG Credit Spread (OAS)
ICE BofA Investment Grade OAS, credit stress in high-quality corporate bonds.
HY Effective Yield
HY corporate bond effective yield, total return required by junk bond investors.
IG Effective Yield
IG corporate bond effective yield, cost of investment-grade corporate borrowing.
Explore Further
Forecast 2026
Adjusted NFCI Outlook
Scenario-weighted forecast using regime implied approach.
Comparison
Adjusted NFCI vs NFCI
ANFCI removes the component of financial conditions explained by the economic cycle. When ANFCI is elevated while NFCI i...
Comparison
Adjusted NFCI vs S&P 500
ANFCI strips out the cyclical component of financial conditions. When ANFCI rises while SPY rallies, unusual financial s...
Comparison
Adjusted Chicago NFCI vs St Louis Financial Stress
Both summarize financial conditions, but ANFCI strips out the influence of macro conditions while STLFSI4 is a pure stre...
Category
All Credit & Financial Stress Data
Credit spreads, financial stress indexes, and default risk indicators. Monitor high-yield spreads, the TED spread, and s...
Frequently Asked Questions
▶What is Adjusted NFCI?
NFCI adjusted for prevailing economic conditions, isolates financial stress from the cycle.
▶How does Adjusted NFCI relate to credit & financial stress?
Adjusted NFCI is part of the Credit & Financial Stress category. Credit markets are often the first to signal trouble. Widening high-yield spreads and rising financial stress indexes have historically led equity drawdowns by weeks or months. Tracking these gauges helps identify when risk appetite is contracting and defensive positioning is warranted.
▶How often is Adjusted NFCI updated?
Adjusted NFCI is updated weekly, typically on the same day each week. Each metric page on Convex shows the exact time of the last data update and provides historical data going back up to five years.
▶Where does Convex source Adjusted NFCI data?
Convex sources Adjusted NFCI data from the Federal Reserve Economic Data (FRED) API, maintained by the Federal Reserve Bank of St. Louis. Data is fetched automatically and displayed alongside interactive charts, AI analysis, and historical context.
▶What can I do on the Adjusted NFCI chart page?
The Adjusted NFCI page includes an interactive chart with selectable time ranges (1 month to 5 years), percentage changes over multiple timeframes, a table of recent readings, AI-generated analysis, and links to related metrics and comparisons.
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Data sourced from FRED, CoinGecko, CBOE, CFTC, and EIA. Updated weekly. This page is for informational purposes only and does not constitute financial advice.