Signals › Credit & Financial Conditions
Distinguishes credit crunch from demand collapse — different recessions.
Percent · observation 2026-07-01, published 2026-08-03
Last 24 observations.
Inside the normal range. Not a strong reading either way.
Credit & Financial Conditions: Measure the price and availability of credit — the best-performing partner to the term spread in published out-of-sample work. The model averages the standardised signals in each block into a block score, then combines the twelve block scores in a probit. Today the 12-block model reads 1.6%.