Federal Reserve Economic Data

FRED Economic Data, St. Louis FED

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Line 1 - Chicago Fed Adjusted National Financial Conditions Index
Line 1
(a) Chicago Fed Adjusted National Financial Conditions Index, Index, Not Seasonally Adjusted (ANFCI)
The Chicago Fed’s National Financial Conditions Index (NFCI) provides a comprehensive weekly update on U.S. financial conditions in money markets, debt and equity markets and the traditional and “shadow” banking systems. Positive values of the NFCI indicate financial conditions that are tighter than average, while negative values indicate financial conditions that are looser than average. The adjusted NFCI (ANFCI). This index isolates a component of financial conditions uncorrelated with economic conditions to provide an update on how financial conditions compare with current economic conditions. For further information, please visit the Federal Reserve Bank of Chicago's web site: http://www.chicagofed.org/webpages/publications/nfci/index.cfm

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    For example, invert an exchange rate by using formula 1/a, where “a” refers to the first FRED data series added to this line. Or calculate the spread between 2 interest rates, a and b, by using the formula a - b.

    Use the assigned data series variables (a, b, c, etc.) together with operators (+, -, *, /, ^, etc.), parentheses and constants (1, 1.5, 2, etc.) to create your own formula (e.g., 1/a, a-b, (a+b)/2, (a/(a+b+c))*100). As noted above, you may add other data series to this line before entering a formula.

    Finally, you can change the units of your new series.

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    Line 1 - Chicago Fed Adjusted National Financial Conditions Index
    Line 2
    (a) Chicago Fed National Financial Conditions Risk Subindex, Index, Not Seasonally Adjusted (NFCIRISK)
    The Chicago Fed’s National Financial Conditions Index (NFCI) provides a comprehensive weekly update on U.S. financial conditions in money markets, debt and equity markets, and the traditional and “shadow” banking systems. Source: http://www.chicagofed.org/webpages/publications/nfci/index.cfm. "Positive values of the NFCI indicate financial conditions that are tighter than average, while negative values indicate financial conditions that are looser than average." "The three subindexes of the NFCI (risk, credit and leverage) allow for a more detailed examination of the movements in the NFCI. Like the NFCI, each is constructed to have an average value of zero and a standard deviation of one over a sample period extending back to 1971. The risk subindex captures volatility and funding risk in the financial sector; the credit subindex is composed of measures of credit conditions; and the leverage subindex consists of debt and equity measures. Increasing risk, tighter credit conditions and declining leverage are consistent with tightening financial conditions. Thus, a positive value for an individual subindex indicates that the corresponding aspect of financial conditions is tighter than on average, while negative values indicate the opposite." Source: http://www.chicagofed.org/webpages/research/data/nfci/background.cfm. For further information, please visit the Federal Reserve Bank of Chicago's NFCI website at http://www.chicagofed.org/webpages/publications/nfci/index.cfm.

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    Write a custom formula to transform one or more series or combine two or more series.

    You can begin by adding a series to combine with your existing series.

    Type keywords to search for data

      Now create a custom formula to combine or transform the series.

      For example, invert an exchange rate by using formula 1/a, where “a” refers to the first FRED data series added to this line. Or calculate the spread between 2 interest rates, a and b, by using the formula a - b.

      Use the assigned data series variables (a, b, c, etc.) together with operators (+, -, *, /, ^, etc.), parentheses and constants (1, 1.5, 2, etc.) to create your own formula (e.g., 1/a, a-b, (a+b)/2, (a/(a+b+c))*100). As noted above, you may add other data series to this line before entering a formula.

      Finally, you can change the units of your new series.

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      Line 1 - Chicago Fed Adjusted National Financial Conditions Index
      Line 3
      (a) Chicago Fed National Financial Conditions Index Nonfinancial Leveral Subindex, Index, Not Seasonally Adjusted (NFCINONFINLEVERAGE)
      The Chicago Fed’s National Financial Conditions Index (NFCI) provides a comprehensive weekly update on U.S. financial conditions in money markets, debt and equity markets, and the traditional and “shadow” banking systems. Source: http://www.chicagofed.org/webpages/publications/nfci/index.cfm. "Positive values of the NFCI indicate financial conditions that are tighter than average, while negative values indicate financial conditions that are looser than average." "The three subindexes of the NFCI (risk, credit and leverage) allow for a more detailed examination of the movements in the NFCI. Like the NFCI, each is constructed to have an average value of zero and a standard deviation of one over a sample period extending back to 1971. The risk subindex captures volatility and funding risk in the financial sector; the credit subindex is composed of measures of credit conditions; and the leverage subindex consists of debt and equity measures. Increasing risk, tighter credit conditions and declining leverage are consistent with tightening financial conditions. Thus, a positive value for an individual subindex indicates that the corresponding aspect of financial conditions is tighter than on average, while negative values indicate the opposite. The nonfinancial leverage subindex of the NFCI best exemplifies how leverage can serve as an early warning signal for financial stress and its potential impact on economic growth. The positive weight assigned to both the household and nonfinancial business leverage measures in this NFCI subindex make it characteristic of the feedback process between the financial and nonfinancial sectors of the economy often referred to as the “financial accelerator." Increasingly tighter financial conditions are associated with rising risk premiums and declining asset values. The net worth of households and nonfinancial firms is, thus, reduced at the same time that credit tightens. This leads to a period of deleveraging (i.e., debt reduction) across the financial and nonfinancial sectors of the economy and ultimately to lower economic activity." Source: http://www.chicagofed.org/webpages/research/data/nfci/background.cfm. For further information, please visit the Federal Reserve Bank of Chicago's NFCI website at http://www.chicagofed.org/webpages/publications/nfci/index.cfm.

      Select a date that will equal 100 for your custom index:
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      Write a custom formula to transform one or more series or combine two or more series.

      You can begin by adding a series to combine with your existing series.

      Type keywords to search for data

        Now create a custom formula to combine or transform the series.

        For example, invert an exchange rate by using formula 1/a, where “a” refers to the first FRED data series added to this line. Or calculate the spread between 2 interest rates, a and b, by using the formula a - b.

        Use the assigned data series variables (a, b, c, etc.) together with operators (+, -, *, /, ^, etc.), parentheses and constants (1, 1.5, 2, etc.) to create your own formula (e.g., 1/a, a-b, (a+b)/2, (a/(a+b+c))*100). As noted above, you may add other data series to this line before entering a formula.

        Finally, you can change the units of your new series.

        Select a date that will equal 100 for your custom index:
            Enter date as YYYY-MM-DD

        Line 1 - Chicago Fed Adjusted National Financial Conditions Index
        Line 4
        (a) Chicago Fed National Financial Conditions Credit Subindex, Index, Not Seasonally Adjusted (NFCICREDIT)
        The Chicago Fed’s National Financial Conditions Index (NFCI) provides a comprehensive weekly update on U.S. financial conditions in money markets, debt and equity markets and the traditional and “shadow” banking systems. Source: http://www.chicagofed.org/webpages/publications/nfci/index.cfm. "Positive values of the NFCI indicate financial conditions that are tighter than average, while negative values indicate financial conditions that are looser than average." "The three subindexes of the NFCI (risk, credit and leverage) allow for a more detailed examination of the movements in the NFCI. Like the NFCI, each is constructed to have an average value of zero and a standard deviation of one over a sample period extending back to 1971. The risk subindex captures volatility and funding risk in the financial sector; the credit subindex is composed of measures of credit conditions; and the leverage subindex consists of debt and equity measures. Increasing risk, tighter credit conditions and declining leverage are consistent with tightening financial conditions. Thus, a positive value for an individual subindex indicates that the corresponding aspect of financial conditions is tighter than on average, while negative values indicate the opposite." Source: http://www.chicagofed.org/webpages/research/data/nfci/background.cfm. For further information, please visit the Federal Reserve Bank of Chicago's NFCI website at http://www.chicagofed.org/webpages/publications/nfci/index.cfm.

        Select a date that will equal 100 for your custom index:
          Enter date as YYYY-MM-DD
        to

        Write a custom formula to transform one or more series or combine two or more series.

        You can begin by adding a series to combine with your existing series.

        Type keywords to search for data

          Now create a custom formula to combine or transform the series.

          For example, invert an exchange rate by using formula 1/a, where “a” refers to the first FRED data series added to this line. Or calculate the spread between 2 interest rates, a and b, by using the formula a - b.

          Use the assigned data series variables (a, b, c, etc.) together with operators (+, -, *, /, ^, etc.), parentheses and constants (1, 1.5, 2, etc.) to create your own formula (e.g., 1/a, a-b, (a+b)/2, (a/(a+b+c))*100). As noted above, you may add other data series to this line before entering a formula.

          Finally, you can change the units of your new series.

          Select a date that will equal 100 for your custom index:
              Enter date as YYYY-MM-DD

          Line 1 - Chicago Fed Adjusted National Financial Conditions Index
          Line 5
          (a) Chicago Fed National Financial Conditions Leverage Subindex, Index, Not Seasonally Adjusted (NFCILEVERAGE)
          The Chicago Fed’s National Financial Conditions Index (NFCI) provides a comprehensive weekly update on U.S. financial conditions in money markets, debt and equity markets, and the traditional and “shadow” banking systems. Source: http://www.chicagofed.org/webpages/publications/nfci/index.cfm. "Positive values of the NFCI indicate financial conditions that are tighter than average, while negative values indicate financial conditions that are looser than average." "The three subindexes of the NFCI (risk, credit and leverage) allow for a more detailed examination of the movements in the NFCI. Like the NFCI, each is constructed to have an average value of zero and a standard deviation of one over a sample period extending back to 1971. The risk subindex captures volatility and funding risk in the financial sector; the credit subindex is composed of measures of credit conditions; and the leverage subindex consists of debt and equity measures. Increasing risk, tighter credit conditions and declining leverage are consistent with tightening financial conditions. Thus, a positive value for an individual subindex indicates that the corresponding aspect of financial conditions is tighter than on average, while negative values indicate the opposite." Source: http://www.chicagofed.org/webpages/research/data/nfci/background.cfm. For further information, please visit the Federal Reserve Bank of Chicago's NFCI website at http://www.chicagofed.org/webpages/publications/nfci/index.cfm.

          Select a date that will equal 100 for your custom index:
            Enter date as YYYY-MM-DD
          to

          Write a custom formula to transform one or more series or combine two or more series.

          You can begin by adding a series to combine with your existing series.

          Type keywords to search for data

            Now create a custom formula to combine or transform the series.

            For example, invert an exchange rate by using formula 1/a, where “a” refers to the first FRED data series added to this line. Or calculate the spread between 2 interest rates, a and b, by using the formula a - b.

            Use the assigned data series variables (a, b, c, etc.) together with operators (+, -, *, /, ^, etc.), parentheses and constants (1, 1.5, 2, etc.) to create your own formula (e.g., 1/a, a-b, (a+b)/2, (a/(a+b+c))*100). As noted above, you may add other data series to this line before entering a formula.

            Finally, you can change the units of your new series.

            Select a date that will equal 100 for your custom index:
                Enter date as YYYY-MM-DD

            Line 1 - Chicago Fed Adjusted National Financial Conditions Index
            Line 6
            (a) Chicago Fed National Financial Conditions Index, Index, Not Seasonally Adjusted (NFCI)
            The Chicago Fed's National Financial Conditions Index (NFCI) provides a comprehensive weekly update on U.S. financial conditions in money markets, debt and equity markets and the traditional and "shadow" banking systems. Positive values of the NFCI indicate financial conditions that are tighter than average, while negative values indicate financial conditions that are looser than average. For further information, please visit the Federal Reserve Bank of Chicago (http://www.chicagofed.org/webpages/publications/nfci/index.cfm).

            Select a date that will equal 100 for your custom index:
              Enter date as YYYY-MM-DD
            to

            Write a custom formula to transform one or more series or combine two or more series.

            You can begin by adding a series to combine with your existing series.

            Type keywords to search for data

              Now create a custom formula to combine or transform the series.

              For example, invert an exchange rate by using formula 1/a, where “a” refers to the first FRED data series added to this line. Or calculate the spread between 2 interest rates, a and b, by using the formula a - b.

              Use the assigned data series variables (a, b, c, etc.) together with operators (+, -, *, /, ^, etc.), parentheses and constants (1, 1.5, 2, etc.) to create your own formula (e.g., 1/a, a-b, (a+b)/2, (a/(a+b+c))*100). As noted above, you may add other data series to this line before entering a formula.

              Finally, you can change the units of your new series.

              Select a date that will equal 100 for your custom index:
                  Enter date as YYYY-MM-DD

              Line 1 - Chicago Fed Adjusted National Financial Conditions Index
              Line 7
              (a) Chicago Fed National Activity Index: Sales, Orders and Inventories, Index, Not Seasonally Adjusted (SOANDI)
              A zero value for the index indicates that the national economy is expanding at its historical trend rate of growth; negative values indicate below-average growth; and positive values indicate above-average growth. For further information, please visit the Federal Reserve Bank of Chicago's web site: http://www.chicagofed.org/webpages/research/data/cfnai/current_data.cfm

              Select a date that will equal 100 for your custom index:
                Enter date as YYYY-MM-DD
              to

              Write a custom formula to transform one or more series or combine two or more series.

              You can begin by adding a series to combine with your existing series.

              Type keywords to search for data

                Now create a custom formula to combine or transform the series.

                For example, invert an exchange rate by using formula 1/a, where “a” refers to the first FRED data series added to this line. Or calculate the spread between 2 interest rates, a and b, by using the formula a - b.

                Use the assigned data series variables (a, b, c, etc.) together with operators (+, -, *, /, ^, etc.), parentheses and constants (1, 1.5, 2, etc.) to create your own formula (e.g., 1/a, a-b, (a+b)/2, (a/(a+b+c))*100). As noted above, you may add other data series to this line before entering a formula.

                Finally, you can change the units of your new series.

                Select a date that will equal 100 for your custom index:
                    Enter date as YYYY-MM-DD

                Line 1 - Chicago Fed Adjusted National Financial Conditions Index
                Line 8
                (a) Chicago Fed National Activity Index: Personal Consumption and Housing, Index, Not Seasonally Adjusted (CANDH)
                A zero value for the index indicates that the national economy is expanding at its historical trend rate of growth; negative values indicate below-average growth; and positive values indicate above-average growth. For further information, please visit the Federal Reserve Bank of Chicago's web site: http://www.chicagofed.org/webpages/research/data/cfnai/current_data.cfm

                Select a date that will equal 100 for your custom index:
                  Enter date as YYYY-MM-DD
                to

                Write a custom formula to transform one or more series or combine two or more series.

                You can begin by adding a series to combine with your existing series.

                Type keywords to search for data

                  Now create a custom formula to combine or transform the series.

                  For example, invert an exchange rate by using formula 1/a, where “a” refers to the first FRED data series added to this line. Or calculate the spread between 2 interest rates, a and b, by using the formula a - b.

                  Use the assigned data series variables (a, b, c, etc.) together with operators (+, -, *, /, ^, etc.), parentheses and constants (1, 1.5, 2, etc.) to create your own formula (e.g., 1/a, a-b, (a+b)/2, (a/(a+b+c))*100). As noted above, you may add other data series to this line before entering a formula.

                  Finally, you can change the units of your new series.

                  Select a date that will equal 100 for your custom index:
                      Enter date as YYYY-MM-DD

                  Line 1 - Chicago Fed Adjusted National Financial Conditions Index
                  Line 9
                  (a) Chicago Fed National Activity Index: Employment, Unemployment and Hours, Index, Not Seasonally Adjusted (EUANDH)
                  A zero value for the index indicates that the national economy is expanding at its historical trend rate of growth; negative values indicate below-average growth; and positive values indicate above-average growth. For further information, please visit the Federal Reserve Bank of Chicago's web site: http://www.chicagofed.org/webpages/research/data/cfnai/current_data.cfm

                  Select a date that will equal 100 for your custom index:
                    Enter date as YYYY-MM-DD
                  to

                  Write a custom formula to transform one or more series or combine two or more series.

                  You can begin by adding a series to combine with your existing series.

                  Type keywords to search for data

                    Now create a custom formula to combine or transform the series.

                    For example, invert an exchange rate by using formula 1/a, where “a” refers to the first FRED data series added to this line. Or calculate the spread between 2 interest rates, a and b, by using the formula a - b.

                    Use the assigned data series variables (a, b, c, etc.) together with operators (+, -, *, /, ^, etc.), parentheses and constants (1, 1.5, 2, etc.) to create your own formula (e.g., 1/a, a-b, (a+b)/2, (a/(a+b+c))*100). As noted above, you may add other data series to this line before entering a formula.

                    Finally, you can change the units of your new series.

                    Select a date that will equal 100 for your custom index:
                        Enter date as YYYY-MM-DD

                    Line 1 - Chicago Fed Adjusted National Financial Conditions Index
                    Line 10
                    (a) Chicago Fed National Activity Index: Production and Income, Index, Not Seasonally Adjusted (PANDI)
                    A zero value for the index indicates that the national economy is expanding at its historical trend rate of growth; negative values indicate below-average growth; and positive values indicate above-average growth. For further information, please visit the Federal Reserve Bank of Chicago's web site: http://www.chicagofed.org/webpages/research/data/cfnai/current_data.cfm

                    Select a date that will equal 100 for your custom index:
                      Enter date as YYYY-MM-DD
                    to

                    Write a custom formula to transform one or more series or combine two or more series.

                    You can begin by adding a series to combine with your existing series.

                    Type keywords to search for data

                      Now create a custom formula to combine or transform the series.

                      For example, invert an exchange rate by using formula 1/a, where “a” refers to the first FRED data series added to this line. Or calculate the spread between 2 interest rates, a and b, by using the formula a - b.

                      Use the assigned data series variables (a, b, c, etc.) together with operators (+, -, *, /, ^, etc.), parentheses and constants (1, 1.5, 2, etc.) to create your own formula (e.g., 1/a, a-b, (a+b)/2, (a/(a+b+c))*100). As noted above, you may add other data series to this line before entering a formula.

                      Finally, you can change the units of your new series.

                      Select a date that will equal 100 for your custom index:
                          Enter date as YYYY-MM-DD

                      Line 1 - Chicago Fed Adjusted National Financial Conditions Index
                      Line 11
                      (a) Chicago Fed National Activity Index: Diffusion Index, Index, Not Seasonally Adjusted (CFNAIDIFF)
                      The CFNAI Diffusion Index is a metric based on the magnitude of the weight given to each of the underlying indicators in the CFNAI when constructing the index as their weighted average. The index is calculated as the sum of the absolute values of the underlying indicators whose contribution to the CFNAI is positive in a given month less the sum of the absolute values of the weights for those indicators whose contribution is negative or neutral, expressed as a proportion of the total sum of the absolute values of the weights. By construction, the sum of the absolute values of the CFNAI weights is one. To make this measure comparable to the CFNAI-MA3, the three-month moving average is calculated. Source: http://www.chicagofed.org/digital_assets/publications/cfnai/background/cfnai_background.pdf

                      Select a date that will equal 100 for your custom index:
                        Enter date as YYYY-MM-DD
                      to

                      Write a custom formula to transform one or more series or combine two or more series.

                      You can begin by adding a series to combine with your existing series.

                      Type keywords to search for data

                        Now create a custom formula to combine or transform the series.

                        For example, invert an exchange rate by using formula 1/a, where “a” refers to the first FRED data series added to this line. Or calculate the spread between 2 interest rates, a and b, by using the formula a - b.

                        Use the assigned data series variables (a, b, c, etc.) together with operators (+, -, *, /, ^, etc.), parentheses and constants (1, 1.5, 2, etc.) to create your own formula (e.g., 1/a, a-b, (a+b)/2, (a/(a+b+c))*100). As noted above, you may add other data series to this line before entering a formula.

                        Finally, you can change the units of your new series.

                        Select a date that will equal 100 for your custom index:
                            Enter date as YYYY-MM-DD

                        Line 1 - Chicago Fed Adjusted National Financial Conditions Index
                        Line 12
                        (a) Chicago Fed National Activity Index: Three Month Moving Average, Index, Not Seasonally Adjusted (CFNAIMA3)
                        A zero value for the index indicates that the national economy is expanding at its historical trend rate of growth; negative values indicate below-average growth; and positive values indicate above-average growth. For further information, please visit the Federal Reserve Bank of Chicago's web site: http://www.chicagofed.org/webpages/research/data/cfnai/current_data.cfm

                        Select a date that will equal 100 for your custom index:
                          Enter date as YYYY-MM-DD
                        to

                        Write a custom formula to transform one or more series or combine two or more series.

                        You can begin by adding a series to combine with your existing series.

                        Type keywords to search for data

                          Now create a custom formula to combine or transform the series.

                          For example, invert an exchange rate by using formula 1/a, where “a” refers to the first FRED data series added to this line. Or calculate the spread between 2 interest rates, a and b, by using the formula a - b.

                          Use the assigned data series variables (a, b, c, etc.) together with operators (+, -, *, /, ^, etc.), parentheses and constants (1, 1.5, 2, etc.) to create your own formula (e.g., 1/a, a-b, (a+b)/2, (a/(a+b+c))*100). As noted above, you may add other data series to this line before entering a formula.

                          Finally, you can change the units of your new series.

                          Select a date that will equal 100 for your custom index:
                              Enter date as YYYY-MM-DD

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                          Line 1
                          Chicago Fed Adjusted National Financial Conditions Index
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                          Line 2
                          Chicago Fed National Financial Conditions Risk Subindex
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                          Line 3
                          Chicago Fed National Financial Conditions Index Nonfinancial Leveral Subindex
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                          Line 4
                          Chicago Fed National Financial Conditions Credit Subindex
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                          Line 5
                          Chicago Fed National Financial Conditions Leverage Subindex
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                          Line 6
                          Chicago Fed National Financial Conditions Index
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                          Line 7
                          Chicago Fed National Activity Index: Sales, Orders and Inventories
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                          Line 8
                          Chicago Fed National Activity Index: Personal Consumption and Housing
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                          Line 9
                          Chicago Fed National Activity Index: Employment, Unemployment and Hours
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                          Line 10
                          Chicago Fed National Activity Index: Production and Income
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                          Line 11
                          Chicago Fed National Activity Index: Diffusion Index
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                          Line 12
                          Chicago Fed National Activity Index: Three Month Moving Average
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                          Notes

                          Chicago Fed Adjusted National Financial Conditions Index  (ANFCI)

                          Source: Federal Reserve Bank of Chicago  

                          Release: Chicago Fed National Financial Conditions Index  

                          Units:  Index, Not Seasonally Adjusted

                          Frequency:  Weekly, Ending Friday

                          Notes:

                          The Chicago Fed’s National Financial Conditions Index (NFCI) provides a comprehensive weekly update on U.S. financial conditions in money markets, debt and equity markets and the traditional and “shadow” banking systems. Positive values of the NFCI indicate financial conditions that are tighter than average, while negative values indicate financial conditions that are looser than average.

                          The adjusted NFCI (ANFCI). This index isolates a component of financial conditions uncorrelated with economic conditions to provide an update on how financial conditions compare with current economic conditions.

                          For further information, please visit the Federal Reserve Bank of Chicago's web site: http://www.chicagofed.org/webpages/publications/nfci/index.cfm

                          Suggested Citation:

                          Federal Reserve Bank of Chicago, Chicago Fed Adjusted National Financial Conditions Index [ANFCI], retrieved from FRED, Federal Reserve Bank of St. Louis; https://fred.stlouisfed.org/series/ANFCI, April 3, 2025.

                          Chicago Fed National Financial Conditions Risk Subindex  (NFCIRISK)

                          Source: Federal Reserve Bank of Chicago  

                          Release: Chicago Fed National Financial Conditions Index  

                          Units:  Index, Not Seasonally Adjusted

                          Frequency:  Weekly, Ending Friday

                          Notes:

                          The Chicago Fed’s National Financial Conditions Index (NFCI) provides a comprehensive weekly update on U.S. financial conditions in money markets, debt and equity markets, and the traditional and “shadow” banking systems. Source: http://www.chicagofed.org/webpages/publications/nfci/index.cfm.

                          "Positive values of the NFCI indicate financial conditions that are tighter than average, while negative values indicate financial conditions that are looser than average."

                          "The three subindexes of the NFCI (risk, credit and leverage) allow for a more detailed examination of the movements in the NFCI. Like the NFCI, each is constructed to have an average value of zero and a standard deviation of one over a sample period extending back to 1971. The risk subindex captures volatility and funding risk in the financial sector; the credit subindex is composed of measures of credit conditions; and the leverage subindex consists of debt and equity measures. Increasing risk, tighter credit conditions and declining leverage are consistent with tightening financial conditions. Thus, a positive value for an individual subindex indicates that the corresponding aspect of financial conditions is tighter than on average, while negative values indicate the opposite." Source: http://www.chicagofed.org/webpages/research/data/nfci/background.cfm.

                          For further information, please visit the Federal Reserve Bank of Chicago's NFCI website at http://www.chicagofed.org/webpages/publications/nfci/index.cfm.

                          Suggested Citation:

                          Federal Reserve Bank of Chicago, Chicago Fed National Financial Conditions Risk Subindex [NFCIRISK], retrieved from FRED, Federal Reserve Bank of St. Louis; https://fred.stlouisfed.org/series/NFCIRISK, April 3, 2025.

                          Chicago Fed National Financial Conditions Index Nonfinancial Leveral Subindex  (NFCINONFINLEVERAGE)

                          Source: Federal Reserve Bank of Chicago  

                          Release: Chicago Fed National Financial Conditions Index  

                          Units:  Index, Not Seasonally Adjusted

                          Frequency:  Weekly, Ending Friday

                          Notes:

                          The Chicago Fed’s National Financial Conditions Index (NFCI) provides a comprehensive weekly update on U.S. financial conditions in money markets, debt and equity markets, and the traditional and “shadow” banking systems. Source: http://www.chicagofed.org/webpages/publications/nfci/index.cfm.

                          "Positive values of the NFCI indicate financial conditions that are tighter than average, while negative values indicate financial conditions that are looser than average."

                          "The three subindexes of the NFCI (risk, credit and leverage) allow for a more detailed examination of the movements in the NFCI. Like the NFCI, each is constructed to have an average value of zero and a standard deviation of one over a sample period extending back to 1971. The risk subindex captures volatility and funding risk in the financial sector; the credit subindex is composed of measures of credit conditions; and the leverage subindex consists of debt and equity measures. Increasing risk, tighter credit conditions and declining leverage are consistent with tightening financial conditions. Thus, a positive value for an individual subindex indicates that the corresponding aspect of financial conditions is tighter than on average, while negative values indicate the opposite.

                          The nonfinancial leverage subindex of the NFCI best exemplifies how leverage can serve as an early warning signal for financial stress and its potential impact on economic growth. The positive weight assigned to both the household and nonfinancial business leverage measures in this NFCI subindex make it characteristic of the feedback process between the financial and nonfinancial sectors of the economy often referred to as the “financial accelerator." Increasingly tighter financial conditions are associated with rising risk premiums and declining asset values. The net worth of households and nonfinancial firms is, thus, reduced at the same time that credit tightens. This leads to a period of deleveraging (i.e., debt reduction) across the financial and nonfinancial sectors of the economy and ultimately to lower economic activity." Source: http://www.chicagofed.org/webpages/research/data/nfci/background.cfm.

                          For further information, please visit the Federal Reserve Bank of Chicago's NFCI website at http://www.chicagofed.org/webpages/publications/nfci/index.cfm.

                          Suggested Citation:

                          Federal Reserve Bank of Chicago, Chicago Fed National Financial Conditions Index Nonfinancial Leveral Subindex [NFCINONFINLEVERAGE], retrieved from FRED, Federal Reserve Bank of St. Louis; https://fred.stlouisfed.org/series/NFCINONFINLEVERAGE, April 3, 2025.

                          Chicago Fed National Financial Conditions Credit Subindex  (NFCICREDIT)

                          Source: Federal Reserve Bank of Chicago  

                          Release: Chicago Fed National Financial Conditions Index  

                          Units:  Index, Not Seasonally Adjusted

                          Frequency:  Weekly, Ending Friday

                          Notes:

                          The Chicago Fed’s National Financial Conditions Index (NFCI) provides a comprehensive weekly update on U.S. financial conditions in money markets, debt and equity markets and the traditional and “shadow” banking systems. Source: http://www.chicagofed.org/webpages/publications/nfci/index.cfm.

                          "Positive values of the NFCI indicate financial conditions that are tighter than average, while negative values indicate financial conditions that are looser than average."

                          "The three subindexes of the NFCI (risk, credit and leverage) allow for a more detailed examination of the movements in the NFCI. Like the NFCI, each is constructed to have an average value of zero and a standard deviation of one over a sample period extending back to 1971. The risk subindex captures volatility and funding risk in the financial sector; the credit subindex is composed of measures of credit conditions; and the leverage subindex consists of debt and equity measures. Increasing risk, tighter credit conditions and declining leverage are consistent with tightening financial conditions. Thus, a positive value for an individual subindex indicates that the corresponding aspect of financial conditions is tighter than on average, while negative values indicate the opposite." Source: http://www.chicagofed.org/webpages/research/data/nfci/background.cfm.

                          For further information, please visit the Federal Reserve Bank of Chicago's NFCI website at http://www.chicagofed.org/webpages/publications/nfci/index.cfm.

                          Suggested Citation:

                          Federal Reserve Bank of Chicago, Chicago Fed National Financial Conditions Credit Subindex [NFCICREDIT], retrieved from FRED, Federal Reserve Bank of St. Louis; https://fred.stlouisfed.org/series/NFCICREDIT, April 3, 2025.

                          Chicago Fed National Financial Conditions Leverage Subindex  (NFCILEVERAGE)

                          Source: Federal Reserve Bank of Chicago  

                          Release: Chicago Fed National Financial Conditions Index  

                          Units:  Index, Not Seasonally Adjusted

                          Frequency:  Weekly, Ending Friday

                          Notes:

                          The Chicago Fed’s National Financial Conditions Index (NFCI) provides a comprehensive weekly update on U.S. financial conditions in money markets, debt and equity markets, and the traditional and “shadow” banking systems. Source: http://www.chicagofed.org/webpages/publications/nfci/index.cfm.

                          "Positive values of the NFCI indicate financial conditions that are tighter than average, while negative values indicate financial conditions that are looser than average."

                          "The three subindexes of the NFCI (risk, credit and leverage) allow for a more detailed examination of the movements in the NFCI. Like the NFCI, each is constructed to have an average value of zero and a standard deviation of one over a sample period extending back to 1971. The risk subindex captures volatility and funding risk in the financial sector; the credit subindex is composed of measures of credit conditions; and the leverage subindex consists of debt and equity measures. Increasing risk, tighter credit conditions and declining leverage are consistent with tightening financial conditions. Thus, a positive value for an individual subindex indicates that the corresponding aspect of financial conditions is tighter than on average, while negative values indicate the opposite." Source: http://www.chicagofed.org/webpages/research/data/nfci/background.cfm.

                          For further information, please visit the Federal Reserve Bank of Chicago's NFCI website at http://www.chicagofed.org/webpages/publications/nfci/index.cfm.

                          Suggested Citation:

                          Federal Reserve Bank of Chicago, Chicago Fed National Financial Conditions Leverage Subindex [NFCILEVERAGE], retrieved from FRED, Federal Reserve Bank of St. Louis; https://fred.stlouisfed.org/series/NFCILEVERAGE, April 3, 2025.

                          Chicago Fed National Financial Conditions Index  (NFCI)

                          Source: Federal Reserve Bank of Chicago  

                          Release: Chicago Fed National Financial Conditions Index  

                          Units:  Index, Not Seasonally Adjusted

                          Frequency:  Weekly, Ending Friday

                          Notes:

                          The Chicago Fed's National Financial Conditions Index (NFCI) provides a comprehensive weekly update on U.S. financial conditions in money markets, debt and equity markets and the traditional and "shadow" banking systems. Positive values of the NFCI indicate financial conditions that are tighter than average, while negative values indicate financial conditions that are looser than average.

                          For further information, please visit the Federal Reserve Bank of Chicago.

                          Suggested Citation:

                          Federal Reserve Bank of Chicago, Chicago Fed National Financial Conditions Index [NFCI], retrieved from FRED, Federal Reserve Bank of St. Louis; https://fred.stlouisfed.org/series/NFCI, April 3, 2025.

                          Chicago Fed National Activity Index: Sales, Orders and Inventories  (SOANDI)

                          Source: Federal Reserve Bank of Chicago  

                          Release: Chicago Fed National Activity Index  

                          Units:  Index, Not Seasonally Adjusted

                          Frequency:  Monthly

                          Notes:

                          A zero value for the index indicates that the national economy is expanding at its historical trend rate of growth; negative values indicate below-average growth; and positive values indicate above-average growth.

                          For further information, please visit the Federal Reserve Bank of Chicago's web site:
                          http://www.chicagofed.org/webpages/research/data/cfnai/current_data.cfm

                          Suggested Citation:

                          Federal Reserve Bank of Chicago, Chicago Fed National Activity Index: Sales, Orders and Inventories [SOANDI], retrieved from FRED, Federal Reserve Bank of St. Louis; https://fred.stlouisfed.org/series/SOANDI, April 3, 2025.

                          Chicago Fed National Activity Index: Personal Consumption and Housing  (CANDH)

                          Source: Federal Reserve Bank of Chicago  

                          Release: Chicago Fed National Activity Index  

                          Units:  Index, Not Seasonally Adjusted

                          Frequency:  Monthly

                          Notes:

                          A zero value for the index indicates that the national economy is expanding at its historical trend rate of growth; negative values indicate below-average growth; and positive values indicate above-average growth.

                          For further information, please visit the Federal Reserve Bank of Chicago's web site:
                          http://www.chicagofed.org/webpages/research/data/cfnai/current_data.cfm

                          Suggested Citation:

                          Federal Reserve Bank of Chicago, Chicago Fed National Activity Index: Personal Consumption and Housing [CANDH], retrieved from FRED, Federal Reserve Bank of St. Louis; https://fred.stlouisfed.org/series/CANDH, April 3, 2025.

                          Chicago Fed National Activity Index: Employment, Unemployment and Hours  (EUANDH)

                          Source: Federal Reserve Bank of Chicago  

                          Release: Chicago Fed National Activity Index  

                          Units:  Index, Not Seasonally Adjusted

                          Frequency:  Monthly

                          Notes:

                          A zero value for the index indicates that the national economy is expanding at its historical trend rate of growth; negative values indicate below-average growth; and positive values indicate above-average growth.

                          For further information, please visit the Federal Reserve Bank of Chicago's web site:
                          http://www.chicagofed.org/webpages/research/data/cfnai/current_data.cfm

                          Suggested Citation:

                          Federal Reserve Bank of Chicago, Chicago Fed National Activity Index: Employment, Unemployment and Hours [EUANDH], retrieved from FRED, Federal Reserve Bank of St. Louis; https://fred.stlouisfed.org/series/EUANDH, April 3, 2025.

                          Chicago Fed National Activity Index: Production and Income  (PANDI)

                          Source: Federal Reserve Bank of Chicago  

                          Release: Chicago Fed National Activity Index  

                          Units:  Index, Not Seasonally Adjusted

                          Frequency:  Monthly

                          Notes:

                          A zero value for the index indicates that the national economy is expanding at its historical trend rate of growth; negative values indicate below-average growth; and positive values indicate above-average growth.

                          For further information, please visit the Federal Reserve Bank of Chicago's web site:
                          http://www.chicagofed.org/webpages/research/data/cfnai/current_data.cfm

                          Suggested Citation:

                          Federal Reserve Bank of Chicago, Chicago Fed National Activity Index: Production and Income [PANDI], retrieved from FRED, Federal Reserve Bank of St. Louis; https://fred.stlouisfed.org/series/PANDI, April 3, 2025.

                          Chicago Fed National Activity Index: Diffusion Index  (CFNAIDIFF)

                          Source: Federal Reserve Bank of Chicago  

                          Release: Chicago Fed National Activity Index  

                          Units:  Index, Not Seasonally Adjusted

                          Frequency:  Monthly

                          Notes:

                          The CFNAI Diffusion Index is a metric based on the magnitude of the weight given to each of the underlying indicators in the CFNAI when constructing the index as their weighted average. The index is calculated as the sum of the absolute values of the underlying indicators whose contribution to the CFNAI is positive in a given month less the sum of the absolute values of the weights for those indicators whose contribution is negative or neutral, expressed as a proportion of the total sum of the absolute values of the weights. By construction, the sum of the absolute values of the CFNAI weights is one. To make this measure comparable to the CFNAI-MA3, the three-month moving average is calculated. Source: http://www.chicagofed.org/digital_assets/publications/cfnai/background/cfnai_background.pdf

                          Suggested Citation:

                          Federal Reserve Bank of Chicago, Chicago Fed National Activity Index: Diffusion Index [CFNAIDIFF], retrieved from FRED, Federal Reserve Bank of St. Louis; https://fred.stlouisfed.org/series/CFNAIDIFF, April 3, 2025.

                          Chicago Fed National Activity Index: Three Month Moving Average  (CFNAIMA3)

                          Source: Federal Reserve Bank of Chicago  

                          Release: Chicago Fed National Activity Index  

                          Units:  Index, Not Seasonally Adjusted

                          Frequency:  Monthly

                          Notes:

                          A zero value for the index indicates that the national economy is expanding at its historical trend rate of growth; negative values indicate below-average growth; and positive values indicate above-average growth.

                          For further information, please visit the Federal Reserve Bank of Chicago's web site:
                          http://www.chicagofed.org/webpages/research/data/cfnai/current_data.cfm

                          Suggested Citation:

                          Federal Reserve Bank of Chicago, Chicago Fed National Activity Index: Three Month Moving Average [CFNAIMA3], retrieved from FRED, Federal Reserve Bank of St. Louis; https://fred.stlouisfed.org/series/CFNAIMA3, April 3, 2025.

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                          Chicago Fed National Financial Conditions Index Chicago Fed Adjusted Financial Weekly Indexes Copyrighted: Citation Required Nation Not Seasonally Adjusted United States of America Nonfinancial Chicago Fed National Activity Index Inventories Sales Monthly Consumption Personal Housing Hours Unemployment Employment Production Income Diffusion Moving Average 3-Month Average

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