How tight or loose overall US financial conditions are vs their own history.
How to read Above zero = currently tighter than average; ANFCI strips out the part explained by activity & inflation.
NFCI is a COINCIDENT / present-state index — it describes conditions now, it does not forecast them.
A widely-watched proxy for the dollar liquidity available to markets: the Fed balance sheet net of the Treasury's cash and reverse-repo drains.
How to read Rising = more liquidity sloshing through markets; falling = drains pulling it out.
A LABELED HEURISTIC, not an official Fed series and not a mechanical market driver — read the level and its move descriptively.