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National Financial Conditions Index
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The NFCI ticked down to –0.54 in the week ending December 22. 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 also ticked down in the latest week, to –0.54. Risk indicators contributed –0.30, credit indicators contributed –0.16, leverage indicators contributed –0.12, and the adjustments for prevailing macroeconomic conditions contributed 0.04 to the index in the latest week.
The Chicago Fed's National Financial Conditions Index (NFCI) provides a comprehensive weekly update of U.S. financial conditions, while the adjusted National Financial Conditions Index (ANFCI) expresses the index relative to current economic conditions. Both are released at 8:30 a.m. ET on scheduled days, normally toward the middle of each week, and cover the period through the previous Friday.
The NFCI and ANFCI are each constructed to have an average value of zero and a standard deviation of one over a sample period extending back to 1971. Positive values of the NFCI have been historically associated with tighter-than-average financial conditions, while negative values have been historically associated with looser-than-average financial conditions. Similarly, positive values of the ANFCI have been historically associated with financial conditions that are tighter than what would be typically suggested by prevailing macroeconomic conditions, while negative values have been historically associated with the opposite.
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