Indicator notes

High-yield bond market stress on April 8, 2024: 52.0 out of 100, in the “Moderate pressure” zone. The previous reading, on April 5, 2024, was 55.4 (“High pressure”): the indicator fell by 3.4 points and crossed the 55 boundary. The “Moderate pressure” zone covers readings from 45 to 55: stress in the high-yield bond market is close to what is usual for its history. Biggest component moves: “Yield spread over government bonds” at 57.7 versus 63.1 and “Price lag behind the market” at 46.3 versus 47.8. 2 of 3 components were available. This describes that date's reading; it is not a forecast.

High-yield bond market stress on March 29, 2024: 59.1 out of 100, in the “High pressure” zone. The previous reading, on March 28, 2024, was 69.2: the indicator fell sharply by 10.1 points. That meets our shift threshold of 10 points; the zone did not change. The “High pressure” zone covers readings from 55 to 75: stress in the high-yield bond market is clearly above usual. Biggest component moves: “Yield spread over government bonds” at 67.7 versus 89.1 and “Price lag behind the market” at 50.5 versus 49.3. 2 of 3 components were available. This describes that date's reading; it is not a forecast.