Financial Conditions Have Tightened Significantly Since September
% Stocks in S&P 500 Above 50-Day Moving Average (Right Scale)
Source: LPL Research, Goldman Sachs, Bloomberg 11/29/18
Biggest monthly tightening since September 2011
Goldman Sachs U.S. Financial Conditions Index (Left Scale)
Upper-Bound Fed Funds Rate (Right Scale)
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The Goldman Sachs U.S. Financial Conditions Index is a weighted average of riskless interest rates, the exchange rate, equity valuations, and credit spreads, with weights that correspond to the direct impact of each variable on gross domestic product (GDP).