← All instruments — the full set 2023
high 4.57 · low 2.59 · now 2.76 2026
F1 · FINANCIAL STRESS
High-yield credit spread (ICE BofA US High Yield OAS)
2.76
CALM ROBUST z -1.01 DRS 95 daily as of 2026-06-05
Where it sits: lower than ~88% of its last decade.
The full history
How it is read
- What it measures
- financial stress
- Where it sits
- lower than ~88% of its last decade — at the 12th percentile of its last decade.
- z vs. its window
- -1.01 (strain side: up). 785 observations in the window.
- State rule
- z < 1 CALM · 1 ≤ z < 2 WATCH · z ≥ 2 EXTREME, measured only toward the declared strain side.
- Confidence
- ROBUST — a primary official series, mechanically reported.
- Reliability (DRS)
- DRS 95 — FRED redistributes only the trailing ~3 years of this ICE series. Z-scores use the available window; disclosed on the Methodology page.
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 | no data — series began later | |
|---|---|---|
| Q4-2018 selloff | no data — series began later | |
| Curve inversion, Aug 2019 | no data — series began later | |
| COVID crash, Mar 2020 | no data — series began later | |
Questions it helps answer
- The Ledge — How high is the market — and what is under it?