High Yield OAS stands at 2.63% as of August 27, 2026, down from 2.78% a year earlier. The reading sits in the 2nd percentile of its history back to 2023.
| Latest (August 27, 2026) | 2.63% |
| One year ago | 2.78% |
| Range since 2023 | 2.59% – 4.61% |
| All-time range | 2.59% (2025) – 4.61% (2025) |
| Change over 12 months | −0.1 pts — peaked at 3.46% in 2026 |
| Percentile vs. full history | 2nd |
| History | 2023–2026 (843 observations) |
The high-yield option-adjusted spread: extra yield demanded to hold junk bonds over Treasuries. The credit market's fear gauge. Below ~350bp signals confidence; above ~600bp signals stress; spikes past 800bp mark crises. (FRED licensing limits this series to a trailing 3-year window.)
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<a href="https://www.tacticalassetallocation.com/charts/high-yield-spreads/">High Yield OAS — Cambria Chart Lab</a>