BREAKING: The Index of US Financial Conditions is up to ~1.2 points, the easiest since February 2026. This is also near the highest level in at least 11 years. Since 2015, similar readings have only been recorded in early 2025 and during 2021, before the Fed started hiking rates. The Financial Conditions Index has risen over +1.0 points since the March low. Most of this surge has come from rising equity markets and falling corporate bond spreads. Financial conditions are easing despite the recent increase in inflation.(The Kobeissi Letter)