This tile is stale: the value shown is the last
one the source published, never a fabricated current number.
The full history
1971
high 3.84 · low -2.00 · now 0.50 · 7 recessions shaded 2026
How it is read
What it measures
the build-up of system leverage froth misses
Confidence
ROBUST : a primary official series, mechanically reported.
Reliability (DRS)
DRS 95: The Chicago Fed's leverage component: how much borrowed money stands under asset prices. The altitude tiles read the climb; this reads what is propping it.
Where it comes from
FRED ↗Every number on this site is reproducible from this primary source.
What it read at past stress points
Lehman, Sep 2008
2.46
▲ EXTREME
Q4-2018 selloff
0.28
· CALM
Curve inversion, Aug 2019
0.05
· CALM
COVID crash, Mar 2020
0.88
· CALM
Questions it helps answer
The Ledge: How high is the market, and what is under it?