This tile is stale: the value shown is the last
one the source published, never a fabricated current number.
The full history
1971
high 5.21 · low -1.09 · now -0.56 · 7 recessions shaded 2026
How it is read
What it measures
how tight or loose financial conditions are
Confidence
ROBUST : a primary official series, mechanically reported.
Reliability (DRS)
DRS 95: A published, externally-maintained Fed index of financial conditions, not a Plumbline-authored composite, any more than CPI is. Positive = tighter than average. Weekly since 1971.
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
1.24
· CALM
Q4-2018 selloff
-0.42
· CALM
Curve inversion, Aug 2019
-0.54
· CALM
COVID crash, Mar 2020
0.17
· CALM
Questions it helps answer
The Ledge: How high is the market, and what is under it?