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Line 1 - Chicago Fed National Financial Conditions Index+.20
Line 1
(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).

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    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.

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    Line 1 - Chicago Fed National Financial Conditions Index+.20
    Line 2
    (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

    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 National Financial Conditions Index+.20
      Line 3
      (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 National Financial Conditions Index+.20
        Line 4
        (a) Net Percentage of Domestic Banks Tightening Standards for Commercial and Industrial Loans to Large and Middle-Market Firms, Percent, Not Seasonally Adjusted (DRTSCILM)
        For further information, please refer to the Board of Governors of the Federal Reserve System's Senior Loan Officer Opinion Survey on Bank Lending Practices release, online at http://www.federalreserve.gov/boarddocs/SnLoanSurvey/.

        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 National Financial Conditions Index+.20
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          Line 2
          Chicago Fed Adjusted National Financial Conditions Index+.11
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          Line 3
          Chicago Fed National Financial Conditions Leverage Subindex-.34
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          Line 4
          (Net Percentage of Domestic Banks Tightening Standards for Commercial and Industrial Loans to Large and Middle-Market Firms/25)-.97
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          Notes

          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 6, 2025.

          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 6, 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 6, 2025.

          Net Percentage of Domestic Banks Tightening Standards for Commercial and Industrial Loans to Large and Middle-Market Firms  (DRTSCILM)

          Source: Board of Governors of the Federal Reserve System (US)  

          Release: Senior Loan Officer Opinion Survey on Bank Lending Practices  

          Units:  Percent, Not Seasonally Adjusted

          Frequency:  Quarterly

          Notes:

          For further information, please refer to the Board of Governors of the Federal Reserve System's Senior Loan Officer Opinion Survey on Bank Lending Practices release, online at http://www.federalreserve.gov/boarddocs/SnLoanSurvey/.

          Suggested Citation:

          Board of Governors of the Federal Reserve System (US), Net Percentage of Domestic Banks Tightening Standards for Commercial and Industrial Loans to Large and Middle-Market Firms [DRTSCILM], retrieved from FRED, Federal Reserve Bank of St. Louis; https://fred.stlouisfed.org/series/DRTSCILM, April 6, 2025.

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          Financial Activity Measures Financial Indicators Money, Banking, & Finance Senior Loan Officer Survey Banking

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          Chicago Fed National Financial Conditions Index Chicago Fed Financial Weekly Indexes Copyrighted: Citation Required Nation Not Seasonally Adjusted United States of America Adjusted Tightening Standards Senior Loan Officer Surv. on Bank Lending Commercial Domestic Net Percent Loans Board of Governors Industry Quarterly Public Domain: Citation Requested

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