OFR Financial Stress Index: Credit

## What this measures

The credit category of the OFR Financial Stress Index: its contribution from credit spread measures (corporate bond spreads across ratings and regions). The OFR FSI (ofr_fsi) is the sum of five categories; this is one of them, in the same units (zero is average stress).

## Why it matters

The headline index says how stressed markets are; the categories say where. Credit stress and funding stress lead to different places.

## How to read it

Above zero is more stress than average in that category. Compare it with the headline: a rise led by credit is a default-risk story, one led by funding is a liquidity story.

## What it does not say

The OFR builds the index from 33 market inputs that are not shown. Its weights are re-estimated, so history can shift.

## Source

Office of Financial Research, OFR Financial Stress Index (column Credit). Public domain.