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
Financial Conditions Index
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
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: , ,