NFCI (Chicago Fed National Financial Conditions Index)
A composite of risk, credit, and leverage indicators built by the Chicago Federal Reserve to summarize US financial conditions in a single number. Loose readings indicate conditions are accommodative for risk-taking; tight readings indicate stress is building. NFCI is a useful corroborating read alongside the TBL Liquidity Index, with NFCI focused narrowly on US conditions and TBL Liquidity built to read the global picture.
What NFCI Is
A composite of risk, credit, and leverage indicators built by the Chicago Federal Reserve to summarize US financial conditions in a single number. Loose readings indicate conditions are accommodative for risk-taking; tight readings indicate stress is building. NFCI is a useful corroborating read alongside the [TBL Liquidity Index](/learn/what-is-tbl-liquidity), with NFCI focused narrowly on US conditions and TBL Liquidity built to read the global picture.
Where NFCI Appears in TBL Research
NFCI is one of the macro and liquidity indicators that TBL tracks. For how it fits the broader framework, see What Is TBL Liquidity?.
Related TBL Resources
What Is TBL Liquidity?
TBL Liquidity is a four-pillar composite framework that reads global financial conditions through Treasury volatility, the dollar, US Treasuries, and global banking assets, and translates them into a directional signal for Bitcoin, the S&P 500, and other risk assets.
TBL Glossary
Plain-English definitions for the macro, derivatives, on-chain, and TBL proprietary terms used across TBL's research. Each entry covers what the indicator measures and why it matters, conceptual form only, without proprietary formulas or live readings.
The indicators defined here are tracked live on TBL Pulse and interpreted in weekly written form in TBL Pro.