Financial ConditionsWeekly

SPY & Chicago Fed National Financial Conditions Index

A comprehensive index measuring financial conditions in the U.S. across money markets, debt markets, and equity markets.

SPY Price

$688.98

Financial Conditions Index

Last Data: Jan 16, 2026

Last Release: Jan 22, 2026

Next Release: Jan 28, 2026

-0.59

4-Wk MA: -0.57

What It Measures

The National Financial Conditions Index (NFCI) measures financial conditions using 105 indicators across three categories: - **Risk** (33 indicators): Volatility, credit spreads, counterparty risk measures - **Credit** (33 indicators): Credit conditions, debt growth, lending standards - **Leverage** (39 indicators): Debt levels, margin requirements, asset valuations The index is constructed to have an average of zero and standard deviation of one, with positive values indicating tighter-than-average financial conditions.

Why It Matters

**Comprehensive View**: Captures financial conditions across multiple markets in one number. **Leading Indicator**: Tight financial conditions often precede economic slowdowns. **Fed Monitor**: The Federal Reserve uses financial conditions indices to gauge policy transmission. **Credit Availability**: Shows how easy or difficult it is for businesses and consumers to access credit.

Key Levels

Above +0.5

Tight financial conditions, stress emerging

0 to +0.5

Slightly tight conditions

-0.5 to 0

Slightly loose conditions

Below -0.5

Loose financial conditions, easy credit

Data Sources

SPY: S&P 500 ETF daily OHLCV data (1993-02-02 to 2026-01-22)

NFCI: NFCI - Chicago Fed National Financial Conditions Index from Federal Reserve Bank of Chicago

Units: , ,