Excerpt: “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. Because U.S. economic and financial conditions tend to be highly correlated, we also present an alternative index, the adjusted NFCI (ANFCI). This index isolates a component of financial conditions uncorrelated with economic conditions to provide an update on financial conditions relative to current economic conditions. …The NFCI was unchanged at –0.54 in the week ending April 4. Risk indicators contributed –0.23, credit indicators contributed –0.16, and leverage indicators contributed –0.15 to the index in the latest week. The ANFCI decreased in the latest week to –0.61. Risk indicators contributed –0.32, credit indicators contributed –0.17, leverage indicators contributed –0.16, and the adjustments for prevailing macroeconomic conditions contributed 0.04 to the index in the latest week.”
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