Yield spread between investment-grade corporate bonds and equivalent Treasuries. Measures credit risk premium demanded by investors in high-quality corporate debt. Widens in stress, tightens in risk-on environments. Use for credit cycle analysis and risk appetite assessment. Daily frequency.

Yield spread between high-yield (junk) bonds and equivalent Treasuries. The premier measure of credit stress and risk appetite in lower-quality debt. Spikes sharply in recessions and crises. Use for risk-off detection, credit cycle timing, and recession probability models. Daily frequency.

Spread between 10-year and 2-year Treasury yields. The most widely watched yield curve indicator — inversion has preceded every U.S. recession since 1955 with a 6-18 month lead. Positive = normal curve, negative = inverted (recession warning). Pre-computed daily from DGS10 and DGS2.

High-yield OAS minus investment-grade OAS — isolates the incremental risk premium for lower-quality credit. Widens when credit stress is concentrated in weaker issuers. Use for credit differentiation analysis and stress regime detection. Pre-computed daily from BofA index data.

Average of Chicago Fed NFCI and St. Louis Fed Financial Stress Index, normalized to a common scale. Positive = tighter/more stressed than average, negative = looser/less stressed. Combines two complementary stress measures into a single composite signal. Pre-computed weekly.

JOLTS job openings divided by BLS unemployed persons count. Above 1.0 means more open jobs than unemployed workers — historically tight labor market. Below 1.0 signals loosening. Peaked above 2.0 in 2022. Pre-computed monthly, directly comparable across cycles.

30-year fixed mortgage rate minus 10-year Treasury yield. Measures the premium mortgage lenders charge above the risk-free benchmark. Normal range 150-200bps; elevated spread signals lender risk aversion or MBS prepayment concerns. Pre-computed weekly from MORTGAGE30US and DGS10.

10-year Treasury yield minus 10-year breakeven inflation rate. Represents the real return demanded for long-dated government bonds. Negative real yields historically correlate with risk-asset outperformance. Critical input for equity valuation models and cross-asset allocation. Pre-computed daily.

Federal funds effective rate minus CPI YoY inflation. Measures whether monetary policy is restrictive or accommodative in real terms. Negative real rates = loose policy (historically supports risk assets). Positive real rates = restrictive policy (historically pressures valuations). Pre-computed daily.

CBOE measure of expected 30-day volatility in the S&P 500, derived from options prices. The market's fear gauge. Spikes during crises and risk-off events. Use for risk sentiment analysis, hedging signal generation, and regime detection. Daily frequency with full history.

Chicago Fed composite index of 105 financial indicators covering money markets, debt, equity, and banking. Positive = tighter than average conditions, negative = looser. Weekly frequency, provides a single number summarizing broad financial conditions. Use for macro regime assessment and risk model inputs.

St. Louis Fed composite stress index measuring strain in U.S. financial markets. Constructed from 18 weekly data series including rates, spreads, and equity measures. Zero = normal conditions, positive = above-average stress. Weekly frequency, useful for crisis detection and risk-off signals.

Atlanta Fed real-time GDP growth estimate updated continuously with incoming data releases. Provides the most current read on current-quarter GDP before the official BEA estimate. Useful for nowcasting, growth surprise detection, and positioning ahead of GDP releases. Irregular frequency, updated on data release days.

Total value of goods and services produced in the U.S., nominal (current dollar) terms. Quarterly BEA estimate. Use for economic size comparisons, debt-to-GDP calculations, and long-run growth trend analysis. Quarterly frequency with full history back to 1947.

GDP adjusted for inflation — the true measure of economic growth. Quarterly BEA advance, second, and third estimates. Two consecutive negative quarters = technical recession. Use for growth regime identification, cycle dating, and productivity analysis. Quarterly frequency.

Median price of newly constructed homes sold in the U.S. Measures affordability trends in the new home market. Sensitive to mortgage rates and construction costs. Monthly frequency, useful for housing affordability and consumer wealth analysis.

Number of new residential building permits issued — a leading indicator of future housing construction activity. Leads housing starts by 1-3 months. Use for housing cycle analysis and construction sector modeling. Monthly frequency.

Number of new residential construction projects begun. Measures actual housing supply entering the pipeline. Sensitive to mortgage rates, builder confidence, and economic conditions. Monthly frequency with full derived metrics.

Fed measure of output from manufacturing, mining, and utilities as a percentage of capacity. Below 80% signals slack; above 85% signals potential inflation pressure. Use for industrial cycle analysis, capacity investment timing, and inflation risk assessment. Monthly frequency.

Federal Reserve index of real output from manufacturing, mining, and utilities. Covers roughly 15% of GDP but is highly cyclical and leads broader economic turns. Use for industrial recession detection and goods sector analysis. Monthly frequency.

New orders placed with manufacturers for durable goods — items lasting 3+ years. Leading indicator of business investment and industrial activity. Volatile month-to-month due to aircraft orders; ex-transportation version smoother. Monthly frequency with full derived metrics.

Market-implied inflation expectation over the next 10 years, derived from the spread between nominal Treasury and TIPS yields. Primary input for real rate calculations, inflation regime detection, and Fed policy models. Rises when markets expect higher future inflation. Daily frequency, 20+ year history with full derived metrics.

Broadest measure of U.S. consumer price inflation, covering all urban consumers. The headline number reported in major economic releases. Use for inflation trend analysis, YoY comparison, and historical regime identification. Monthly frequency from 1947, includes MoM and YoY derived metrics.

CPI excluding food and energy — the Fed's preferred measure of underlying inflation trend. Strips out volatile components to reveal persistent price pressure. Critical input for Fed policy models and inflation persistence analysis. Monthly frequency with full derived metrics including z-score and percentile rank.

The Fed's preferred inflation gauge, measuring price changes in personal consumption. Broader than CPI, covers more goods and services. Used directly by the FOMC in setting policy targets. Monthly frequency, includes MoM, YoY, rolling averages, and trend direction.

Core PCE excluding food and energy — the single most important inflation series for Fed policy decisions. The FOMC explicitly targets this at 2%. Persistent deviations drive rate decisions. Monthly frequency with full derived metrics and 30+ year history.

Short-term risk-free rate based on 3-month Treasury bills. Used as the short rate in the NY Fed recession probability model. Liquid, minimal credit risk. Key input for the 10Y-3M yield spread, which has the strongest historical recession prediction record. Daily frequency.

30-year fixed mortgage rate — the rate most U.S. homebuyers pay. Directly tied to 10-year Treasury yields plus a spread. Use for housing affordability analysis, refinancing wave detection, and consumer balance sheet modeling. Weekly frequency.

Benchmark long-term U.S. government borrowing rate. Anchors mortgage rates, corporate bond yields, and equity discount rates. Widely used as the risk-free rate in financial models. Critical for duration risk, equity valuation, and global capital flow analysis. Daily frequency, 60+ year history.

Short-end U.S. Treasury yield most sensitive to Fed policy expectations. Moves closely with fed funds rate expectations. Primary input for yield curve spread calculations and rate cycle timing. Daily frequency with full derived metrics.

Ultra-long U.S. government bond yield representing 30-year borrowing costs. Most sensitive to long-run inflation expectations and fiscal concerns. Used for duration analysis and pension/insurance liability matching. Daily frequency.

Total U.S. employment excluding farm workers — the broadest monthly labor market measure. Reported on the first Friday of each month (jobs report). Monthly changes drive major market moves. Use for labor market trend analysis, cycle identification, and Fed reaction function modeling. Monthly frequency.

Workers receiving ongoing unemployment benefits — a measure of how long the unemployed stay out of work. Lags initial claims by one week but confirms whether job loss is persistent. Use alongside initial claims for a complete unemployment picture. Weekly frequency.

Weekly count of new unemployment insurance claims — the most timely labor market indicator available. Released every Thursday, one week lag. First sign of labor market deterioration. Use for real-time recession monitoring and NFP forecasting. Weekly frequency with full derived metrics.

Total unfilled job positions across the U.S. economy from the JOLTS survey. Measures labor demand. Use to assess labor market tightness, compare with unemployment for supply/demand balance, and feed into the Job Openings to Unemployed ratio signal. Monthly frequency.

Share of the labor force actively looking for work. The headline unemployment rate from the BLS household survey. Use for labor market slack assessment, Phillips curve analysis, and recession identification. Monthly frequency, history back to 1948.

The actual overnight rate at which banks lend reserves to each other, set by Fed open market operations. The primary instrument of U.S. monetary policy. Use for rate cycle identification, policy stance analysis, and macro regime detection. Daily frequency with full history back to 1954.

Lower bound of the FOMC's target range for the federal funds rate. Changes only at scheduled FOMC meetings (or emergency actions). Use to track the official policy rate stance and identify rate hike/cut cycles. Daily frequency.

Upper bound of the FOMC's target range for the federal funds rate. The ceiling of the Fed's policy corridor. Pair with the lower limit to determine the full target range width. Daily frequency, essential for any Fed policy model.

Broad U.S. money supply including cash, checking, savings, and money market accounts. Monitored for inflation signals and monetary transmission analysis. Rapid M2 growth preceded the 2021-2023 inflation surge. Monthly frequency with full derived metrics and history back to 1959.

GDP divided by M2 money supply — measures how efficiently money circulates in the economy. Declining velocity means more money is needed to generate the same output, a deflationary signal. Rising velocity can amplify inflation. Quarterly frequency, critical context for M2 growth interpretation.

Monthly measure of consumer spending at retail outlets and food service establishments. Covers about 30% of personal consumption. Released early in the following month, one of the first hard data points for current-quarter GDP. Use for consumer health assessment and GDP nowcasting.

University of Michigan monthly survey of consumer attitudes toward finances, business conditions, and buying conditions. Leading indicator of consumer spending. Sharp drops often precede spending slowdowns. Monthly frequency with full derived metrics and history back to 1952.

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SFX Slots: ephemeral shared JSON state for AI agent swarms. Buy a slot bundle via x402, share the token and slot IDs with your swarm. Each slot holds up to 4KB of JSON. Read, write and coordinate without a database.

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Purchase a bearer token for Station f(x). One payment unlocks multiple data queries with no per-call settlement. Use Authorization: Bearer <token> on any /economic-data/{category}/{slug} endpoint.

Convert a JSON payload to TOON (Tokenized Object Notation), a compact pipe-delimited format that achieves ~60-70% token reduction versus equivalent JSON on time-series payloads. Accepts a raw array or an envelope {meta, data, result_type}. Max body: 512 KB (HTTP 413 if exceeded; checked before payment). Pay $0.005 per call via x402 USDC on Base, or use a bearer token from /token/purchase.