Business credit is flowing — spreads and delinquencies are low.

Baa Corporate Spread · over 10-Year Treasury

Baa spread: 1.64% — The Baa spread is 1.64 points — corporate credit is priced calm. That’s the 37th percentile of all its readings since 1953.

How we score this: ok below 2.00% · watch 2.00% to 2.50% · elevated 2.50% to 3.50% · alert 3.50% and up full method

Lending Standards · net % of banks tightening

Standards: 0.00% — Banks are neither tightening nor easing business-loan standards on balance. That’s the 47th percentile of all its readings since 1990.

How we score this: ok below 0.00% · watch 0.00% to 20.00% · elevated 20.00% to 50.00% · alert 50.00% and up full method

Business-Loan Delinquency Rate

Delinquency: 1.27% — Just 1.27% of business loans are delinquent — borrowers are keeping up. That’s the 28th percentile of all its readings since 1987.

How we score this: ok below 1.50% · watch 1.50% to 2.50% · elevated 2.50% to 4.00% · alert 4.00% and up full method

C&I Loan Growth · year-over-year

C&I loans: 9.80% — C&I lending is up 9.8% from a year ago — a steady pace. That’s the 61st percentile of all its readings since 1948.

How we score this: alert below -12.00% · elevated -12.00% to -5.00% · watch -5.00% to -0.50% · ok -0.50% to 10.00% · watch 10.00% to 20.00% · elevated 20.00% to 30.00% · alert 30.00% and up full method

C&I loans: up 10 readings in a row, to a fresh high.