Live Dashboard
Global Financial Conditions
US NFCI, our proprietary CNLI net-liquidity index, credit spreads, volatility, and regional proxies for five major blocs. Tight or easy — in one glance.
Convex Net Liquidity Index (US)
$5.72T
Fed Balance Sheet − RRP − TGA
1-year Z-score
-0.79
Modestly tighter than average
Components ($T)
- WALCL: $6.70T
- RRP: $0.00T
- TGA: $0.98T
CNLI trajectory
Rising CNLI = more liquidity sloshing into risk assets. Declining CNLI = QT drain plus rising TGA starves the system.
By region
US
United States
Easier than average — accommodative credit, ample liquidity.
- NFCI (Chicago Fed)
- -0.52
- Adj. NFCI
- -0.49
- St. Louis FSI
- -0.68
- HY credit spread
- 283bps
- IG credit spread
- 81bps
- VIX
- 16.89
- 10Y real yield
- 1.94%
- Trade-wtd USD
- 118.73
EU
Eurozone
Germany 10Y at 2.91%. Moderate yields, policy transitioning.
- Germany 10Y Bund
- 2.91%
- France 10Y OAT
- 3.40%
- EUR/USD
- 1.1718
- Spread vs US 10Y
- 1bps
UK
United Kingdom
UK 10Y gilt at 4.53%.
- UK 10Y Gilt
- 4.53%
- GBP/USD
- 1.3518
- Spread vs US
- 0bps
JP
Japan
JGB 10Y at 2.35%. Historical high territory, carry-trade reversal risk elevated.
- JGB 10Y
- 2.35%
- JPY/USD
- 159.35
- Spread vs US
- 2bps
CN
China
CNY at 6.8359/USD. Stable yuan, PBOC anchoring.
- CNY/USD
- 6.8359
GLOBAL
Other Developed + EM
Selected major-economy 10-year sovereigns. Rising spreads to US signal regional tightening.
- Canada 10Y
- 3.44%
- Australia 10Y
- 4.90%
- Switzerland 10Y
- 0.40%
- Korea 10Y
- 3.73%
- India 10Y
- 6.78%
HY credit spread
Bellwether of risk appetite. Widens in every credit stress event.
VIX
S&P 500 30-day implied volatility. Equity risk premium in one number.
How to read financial conditions
Financial conditions are the combined stance of monetary policy, market pricing, and credit availability. Central banks can cut rates and still have tight conditions (if spreads blow out and equities crash), or hold rates steady and have easy conditions (if risk rallies and credit tightens). That's why cross-asset conditions indices matter more than the policy rate alone.
- NFCI > 0: Tighter than avg since 1971. Extreme stress historically >1.5.
- HY OAS >500bps: Pricing significant default risk. >800bps = crisis.
- VIX >25: Risk-off regime. >40 = panic.
- Negative CNLI z-score: Liquidity draining faster than recent trend.
Related tools
Get alerts when NFCI flips sign, CNLI z-score breaches ±1.5, or HY spread moves 100bps in a week.
Sources: Chicago Fed (NFCI, ANFCI), St. Louis Fed (STLFSI4, WALCL, WTREGEN, RRPONTSYD, FRED), ICE BofA (credit OAS), CBOE (VIX), OECD (foreign 10Y yields). Proprietary index: Convex Net Liquidity Index.