HY Credit Spread (OAS)
ICE BofA US High Yield Index option-adjusted spread (%, daily)
| Property | Value |
|---|---|
| Category | macro |
| Unit | % |
| Resolution | 1d |
| Assets | MACRO |
| Tier | Basic |
| API Endpoint | GET /v1/macro/spreads |
| Field | hy_credit_spread |
Overview
ICE BofA US High Yield Master II Option-Adjusted Spread (FRED BAMLH0A0HYM2). Measures the credit-risk premium that investors demand for holding US speculative-grade ("junk") corporate bonds versus equivalent-duration US Treasuries. Daily frequency, expressed in percent.
Interpretation
- Tight HY spreads (low values): risk-on regime, abundant liquidity, easy financial conditions — historically favourable for BTC.
- Wide HY spreads (high values): credit stress, recession fears, tightening conditions — historically coincident with BTC drawdowns.
- Sudden spread blowouts often precede broad risk-off events across all asset classes.
Use Cases
- Use as the cleanest single read on credit-market stress for BTC macro overlays.
- Combine with
macro_vixto build a composite financial-stress indicator. - Watch for divergences between HY spreads and BTC price as an early warning of regime change.
API Usage
curl -H "Authorization: Bearer YOUR_API_KEY" \
"https://api.blocklens.co/v1/macro/spreads?start_date=2024-01-01&end_date=2024-12-31&limit=365"
Related Metrics
- 10Y-2Y Yield Spread — 10-year minus 2-year Treasury yield spread (%, recession indicator)
- VIX Volatility Index — CBOE Volatility Index (points, daily)
- SPDR S&P 500 ETF (SPY) — S&P 500 ETF closing price ($, daily)
- 10-Year Treasury Yield — US 10-year Treasury constant maturity yield (%, daily)