Duration, curve and crowding — the rates book. Charts live in the chartbook.
Credit tape
This is a levels page, not a rich/cheap RV screen. Nothing here ranks one market cheap against another. Tables are today’s print. Charts default to ten years — ICE BofA OAS on FRED is a rolling three-year window; Moody’s Baa − 10Y is the long BBB analog.
How to read this
not a scorecard- Level is today’s extra yield over Treasuries (OAS), in basis points. Wider = more compensation for credit risk.
- z vs own 3y is tight or wide versus this series’ own past — not versus peers. Negative z = tighter than usual (rich to its history). Positive z = wider than usual (cheap to its history).
- Charts are the same series, not a second model. ICE OAS only has three years on FRED (ICE license). The BBB-over-10-years chart is Moody’s Baa − 10Y — a different construction, not reconstructed ICE. A missing line did not print.
Rates × credit
paired on a shared date · credit as of 2026-09-09Stress inside high yield. It widens before the headline HY index does.
The compensation for stepping below investment grade.
The recession pair. A steepening curve with tight credit is a disagreement.
All-in pickup for owning investment grade instead of the benchmark.
CCC − BB decompression
shared dates only · 10yBB − BBB crossover
shared dates only · 10yHY OAS against 2s10s
shared dates only · 10y- HY OAS
- 2s10s
IG yield over UST 10Y
shared dates only · 10yQuality ladder
today’s OAS by rating — not a cheap/rich rankInvestment grade
today’s print · change · vs own 3-year history| Series | Level | 1d | 1m | z vs own 3y | As of |
|---|---|---|---|---|---|
| US IG OAS | 81bp | +0bp | +3bp | -0.62 | 2026-09-08 |
| AAA | 43bp | +0bp | +4bp | +1.33 | 2026-09-08 |
| AA | 61bp | +0bp | +4bp | +1.71 | 2026-09-08 |
| A | 69bp | +0bp | +4bp | -0.46 | 2026-09-08 |
| BBB | 99bp | +0bp | +2bp | -0.79 | 2026-09-08 |
| IG yield | 5.53% | +0.01% | +0.17% | +1.10 | 2026-09-08 |
US IG OAS
ICE BofA · FRED posts 3 years · 10y · weekly sampleBBB OAS
ICE BofA BBB · FRED posts 3 years · 10y · weekly sampleIG by rating
ICE BofA · FRED posts 3 years · 10y · weekly sample- AAA
- AA
- A
- BBB
BBB over 10 years
Moody’s Baa − 10Y — the long BBB analog · 10y · weekly sampleHigh yield
today’s print · change · vs own 3-year history| Series | Level | 1d | 1m | z vs own 3y | As of |
|---|---|---|---|---|---|
| US HY OAS | 267bp | -1bp | -3bp | -1.09 | 2026-09-08 |
| BB | 155bp | +0bp | -5bp | -1.21 | 2026-09-08 |
| B | 276bp | -1bp | -12bp | -0.96 | 2026-09-08 |
| CCC | 1056bp | +1bp | +43bp | +1.90 | 2026-09-08 |
| HY yield | 7.22% | +0.02% | +0.17% | +0.07 | 2026-09-08 |
US HY OAS
ICE BofA · FRED posts 3 years · 10y · weekly sampleHY by rating
ICE BofA · FRED posts 3 years · 10y · weekly sample- BB
- B
- CCC
Global credit
today’s print · change · vs own 3-year history| Series | Level | 1d | 1m | z vs own 3y | As of |
|---|---|---|---|---|---|
| EM corporate | 135bp | -1bp | -5bp | -1.37 | 2026-09-08 |
| EM IG | 80bp | +0bp | -2bp | -1.15 | 2026-09-08 |
| EM high yield | 283bp | -1bp | -5bp | -1.34 | 2026-09-08 |
| Euro HY | 265bp | +2bp | +4bp | -1.08 | 2026-09-08 |
| EM Asia | 83bp | +0bp | -1bp | -0.95 | 2026-09-08 |
| EM EMEA | 141bp | +0bp | -9bp | -1.04 | 2026-09-08 |
| LatAm | 198bp | -2bp | -4bp | -1.98 | 2026-09-08 |
EM and euro HY
ICE BofA · FRED posts 3 years · 10y · weekly sample- EM corporate
- EM high yield
- Euro HY
EM regions
ICE BofA · FRED posts 3 years · 10y · weekly sample- EM Asia
- EM EMEA
- LatAm
Financial conditions
today’s print · change · vs own 3-year history| Series | Level | 1d | 1m | z vs own 3y | As of |
|---|---|---|---|---|---|
| NFCIweekly | -0.558 | -0.002 | -0.098 | -0.38 | 2026-08-28 |
| Banks tighteningquarterly | 0.00% | -8.10% | -5.50% | — | 2026-07-01 |
| Baa − 10Y | 157bp | +1bp | -4bp | -0.57 | 2026-09-08 |
| Aaa − 10Y | 113bp | -1bp | -4bp | +0.96 | 2026-09-08 |
NFCI
10y · weekly sampleMoody’s vs the 10Y
10y · weekly sample- Baa − 10Y
- Aaa − 10Y
ICE BofA OAS and Chicago Fed NFCI via FRED. Chart window is a weekly sample; the newest print is always kept. ICE BofA OAS on FRED is three years; Moody’s Baa − 10Y and NFCI go back to 2000. Full daily history and ETF flows on Credit.
