The trend since 2019.
The latest available read: HY Credit Spread (OAS) is at 2.70% as of September 2026. Source: FRED · BAMLH0A0HYM2.
Why it matters.
When this spread narrows, borrowing costs fall for companies and could mean easier access to capital for business expansion and hiring. If spreads spike suddenly, it signals investor fear and often precedes economic slowdowns that affect job markets and stock portfolios.
Where it fits.
HY Credit Spread (OAS) feeds the Credit view — one of the six areas behind the site's Macro IQ score.