Credit & Financial Stressweekly
Financial Conditions (NFCI)
Chicago Fed National Financial Conditions Index, positive = tighter than average.
-0.43
1W +1.81%1M +7.68%3M +22.59%
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 | +1.81% |
| Mar 27, 2026 | -0.44 | +2.86% |
| Mar 20, 2026 | -0.45 | +3.20% |
| Mar 13, 2026 | -0.47 | +3.70% |
| Mar 6, 2026 | -0.49 | +5.16% |
| Feb 27, 2026 | -0.51 | +3.06% |
| Feb 20, 2026 | -0.53 | +2.47% |
| Feb 13, 2026 | -0.54 | +1.81% |
| Feb 6, 2026 | -0.55 | +1.11% |
| Jan 30, 2026 | -0.56 | — |
Related in Credit & Financial Stress
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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
Financial Conditions (NFCI) Outlook
Scenario-weighted forecast using regime implied approach.
Comparison
Chicago NFCI vs HY Spreads
The Chicago Fed NFCI captures broad financial conditions including leverage, credit, and risk measures, while HY spreads...
Comparison
St. Louis Financial Stress vs Chicago NFCI
STLFSI4 (St. Louis) and NFCI (Chicago) are the two most-watched US financial stress indices. They use different inputs b...
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
Chicago NFCI vs S&P 500
NFCI above zero signals tightening financial conditions. When NFCI rises while SPY rallies, equity markets are ignoring ...
Scenario
What Happens When Financial Conditions Tighten?
What happens when the Chicago Fed NFCI signals tight financial conditions? How credit conditions transmit through the ec...
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All Credit & Financial Stress Data
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Frequently Asked Questions
▶What is Financial Conditions (NFCI)?
Chicago Fed National Financial Conditions Index, positive = tighter than average.
▶How does Financial Conditions (NFCI) relate to credit & financial stress?
Financial Conditions (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 Financial Conditions (NFCI) updated?
Financial Conditions (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 Financial Conditions (NFCI) data?
Convex sources Financial Conditions (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 Financial Conditions (NFCI) chart page?
The Financial Conditions (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.