← Browse all charts Chart intent Is credit stress confirming the equity tape or staying contained?
Market Signal
High Yield Credit Spread (OAS)
A credit-stress chart that tracks the ICE BofA U.S. High Yield option-adjusted spread so you can see whether credit markets are confirming or dismissing the latest equity move.
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Historical Context
Toggle the market-event markers above when you want to line recent regime shifts up with the signal.
How To Read It
- Widening spreads mean investors are demanding more compensation for junk-bond risk, which usually confirms a harder risk backdrop.
- If stocks wobble but spreads stay calm, the selloff is often still an equity-only problem rather than a full risk-event.
- The biggest warning sign is not just a spike higher, but spreads staying elevated after the first panic passes.
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