Skip to:
  1. Main navigation
  2. Main content
  3. Footer
Press Release

Cleveland Financial Stress Index (CFSI) trended down in second quarter of 2014, says Cleveland Fed researcher

The Cleveland Financial Stress Index (CFSI) began the second quarter in Grade 2 or a “normal stress” period, then trended downward into Grade 1 or a “low  stress” period, according to Federal Reserve Bank of Cleveland economic analyst Amanda Janosko.

As of June 27, the index stood at -0.860, above the historic low it reached in January 2014.

Janosko says the increased contributions of the equity and securitization markets to overall financial stress were responsible for the index remaining in Grade 2 for much of the quarter.  The index moved back into Grade 1 as the securitization and equity contributions waned and stock prices reached historical highs in June.  The CFSI’s credit, funding, real estate, and foreign exchange markets remained relatively stable over the quarter.

The CFSI and its component-level data are updated daily. More info and interactive charts can be found here.

Read Tracking Recent Levels of Financial Stress.

Federal Reserve Bank of Cleveland

The Federal Reserve Bank of Cleveland is one of 12 regional Reserve Banks that along with the Board of Governors in Washington DC comprise the Federal Reserve System. Part of the US central bank, the Cleveland Fed participates in the formulation of our nation’s monetary policy, supervises banking organizations, provides payment and other services to financial institutions and to the US Treasury, and performs many activities that support Federal Reserve operations System-wide. In addition, the Bank supports the well-being of communities across the Fourth Federal Reserve District through a wide array of research, outreach, and educational activities.

The Cleveland Fed, with branches in Cincinnati and Pittsburgh, serves an area that comprises Ohio, western Pennsylvania, eastern Kentucky, and the northern panhandle of West Virginia.

Media contact

Doug Campbell,, 513.218.1892