Latest Reading
3.27%
High-yield spread level as a credit stress barometer.
Credit Stress
Credit spreads tell you when fragility stops being theoretical.
We track both the level of high-yield spreads and how quickly they have widened over the last three months.
credit
High Yield Spread
Change Windows
1m+0.32
3m+0.29
1y+0.02
Freshness
FRED:BAMLH0A0HYM2okMar 16, 2026
High Yield Spread history
2016-03-18 to 2026-03-16
Thresholds
complacentVery tight spreads can indicate complacency.3 pts
normalCredit spreads are in a more normal range.6 pts
stress_buildingCredit stress is building.10 pts
stressCredit markets are pricing significant stress.15 pts
Methodology
Uses the high-yield spread series from FRED.
high_yield_spread = BAMLH0A0HYM2
Tight spreads are not automatically bullish; they can also reflect complacency.
The source can be unavailable on some market holidays.
credit
High Yield Spread 3M Change
Latest Reading
0.29%
Three-month change in the high-yield spread.
Change Windows
1m+0.41
3m+0.10
1y-0.28
Freshness
FRED:BAMLH0A0HYM2okMar 16, 2026
High Yield Spread 3M Change history
2016-03-18 to 2026-03-16
Thresholds
stableSpreads have not widened materially.0 pts
wideningSpreads have widened meaningfully.3 pts
sharp_wideningSpreads have widened sharply.6 pts
Methodology
Measures the three-month change in the high-yield spread.
high_yield_spread_t - high_yield_spread_t_minus_3m
Three-month windows can be noisy during sudden market shocks.
This metric adds to, but does not replace, the level reading.