Weekly · Federal Reserve Bank of Chicago
The Chicago Fed National Financial Conditions Index is a single number that summarizes over 100 different measures of financial tightness or looseness across money markets, debt markets, and equity markets. Instead of watching dozens of individual signals, NFCI aggregates them into one weekly reading that captures the overall health of financial conditions. Published weekly by the Chicago Federal Reserve Bank.
Zero represents average conditions based on historical data going back to 1971. Positive values mean tighter-than-average conditions (restrictive - companies face higher borrowing costs, less available credit). Negative values mean looser-than-average (accommodative). Below -0.5 is historically associated with very easy financial conditions that support risk-taking and growth. Above 0.5 is meaningful financial tightening that weighs on economic activity. During the 2008 financial crisis the index peaked above 3, reflecting historically extreme financial stress.
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