High Yield Credit Spread
US High Yield Option-Adjusted Spread — Historical Chart
2.71%
▼ 9.06% YoYAug 2026
All-Time High
4.61%
All-Time Low
2.59%
Data Since
2023
Source: FRED / ICE BofAShaded = NBER recessions
The spread (in percentage points) between US high yield bonds and comparable Treasuries. The single best real-time indicator of credit market stress. Every major financial crisis shows as a massive spike: GFC (2008–09) exceeded 20%; COVID (2020) hit 11%; investment-grade stress at 3% or below signals calm markets.