{"title":"U.S. Corporate Credit Spread — Gilchrist–Zakrajšek (GZ), Monthly","slug":"gz-corporate-credit-spread","url":"https://www.ckeconomics.com/data/gz-corporate-credit-spread","description":"The average spread of U.S. corporate bond yields over Treasury yields of the same duration, from the Federal Reserve Board: a broad measure of what companies pay to borrow over the government.","unit":"Percentage points","frequency":"Monthly","updated_at":"2026-10-16T20:58:50.972379+00:00","publisher":"Conkling & Kopcik Economics","source":"Federal Reserve Board, Gilchrist–Zakrajšek credit spread (gz_spread), with Favara, Gilchrist, Lewis and Zakrajšek, \"Updating the Recession Risk and the Excess Bond Premium\", FEDS Notes, 2016: https://www.federalreserve.gov/econres/notes/feds-notes/updating-the-recession-risk-and-the-excess-bond-premium-20161006.html — figures as published on 16 October 2026.","provider":"Federal Reserve Board","source_url":"https://www.federalreserve.gov/econres/notes/feds-notes/updating-the-recession-risk-and-the-excess-bond-premium-20161006.html","source_as_of":"2026-10-16","seasonal_adjustment":"not_applicable","geography":"United States","is_flow":false,"source_urls":["https://www.federalreserve.gov/econres/notes/feds-notes/updating-the-recession-risk-and-the-excess-bond-premium-20161006.html"],"methodology":"The GZ spread (Gilchrist and Zakrajšek, 2012) averages, across a large panel of senior unsecured bonds issued by U.S. non-financial companies, each bond's yield over the yield of a synthetic Treasury security with exactly the same cash flows, so maturity is matched bond by bond. The Federal Reserve Board's staff update it monthly in the CSV published with the 2016 FEDS Note, in percentage points.\n\nThe Board's file is read as published. Information on the Federal Reserve Board's website is in the public domain. It replaces the commercial bond-index spreads that FRED republishes only with the index owners' permission.","quality":{"status":"current","label":"Current","explanation":"The latest figures we have collected are for Sep 2026. Oct 2026 is not overdue until February 4, 2027, a generous allowance for a monthly series until we have timed this source’s releases.","last_period":"2026-09-01","next_period":"2026-10-01","next_expected_by":"2027-02-04","provisional_from":null,"revisions_last_30_days":0,"last_revised_at":null,"source_checked_at":"2026-10-19T22:30:04.241376+00:00","definitions":"https://www.ckeconomics.com/methodology#data-status"},"projection":null,"projection_withheld":null,"ck_content_license":"https://creativecommons.org/licenses/by/4.0/","license_note":"CC BY 4.0 covers CK Economics' own calculations and projections. Source data remains under its publisher's terms.","terms":"https://www.ckeconomics.com/terms","citation":"Conkling & Kopcik Economics. (2026). U.S. Corporate Credit Spread — Gilchrist–Zakrajšek (GZ), Monthly [Data set]. https://www.ckeconomics.com/data/gz-corporate-credit-spread","fields":{"period":"Start date of the period (YYYY-MM-DD)","value":"Observation or projection, in Percentage points","is_forecast":"true for CK Economics projections, false for published observations","lower":"Lower bound of the projection range (projections only)","upper":"Upper bound of the projection range (projections 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