The trend over time.
The latest available read: HY Credit Spread (OAS) is at 3.38% as of October 2026. Source: FRED · BAMLH0A0HYM2. CSV and PNG downloads cover the selected date range.
What HY Credit Spread (OAS) measures.
The ICE BofA US High Yield Option-Adjusted Spread: the extra yield investors demand on below-investment-grade corporate bonds over comparable Treasuries, in percentage points.
Spreads widen when investors worry about defaults and tighten when they are comfortable taking risk. It is a market-based stress gauge that often moves before official data.
Why it matters.
When HY spreads tighten, borrowing costs fall for riskier companies, making it easier and cheaper for them to hire, invest, and refinance debt. Widening spreads would signal economic stress ahead and could ripple into job losses and portfolio losses for everyday savers.
Where it fits.
HY Credit Spread (OAS) is covered on the Credit page.