Auto-generated. This article is rebuilt from app/signals/config/signal_definitions.json by scripts/build_signals_kb.py. Edit the registry entry and re-run the script — do not edit this file directly.

GZ Credit Spread

What it is

GZ Credit Spread — registry key gz_spread.

Gilchrist-Zakrajšek parent credit spread ingested from the monthly FEDS Notes CSV alongside EBP and persisted on daily_signals for future scoring / matcher use. NOT yet a health-score or alignment component.

Source

Source module: ebp
Data source: back_fillable

Fetched directly from app/sources/ebp.py; see source code for the upstream API call and any provider-specific handling.

How it’s computed

The Gilchrist-Zakrajšek (2012) corporate bond credit spread index — the average duration-matched spread of senior unsecured corporate bonds over Treasuries, in percentage points. EBP is the residual of this spread after removing expected-default-risk compensation; the GZ spread is the parent series both components sum to. Sourced verbatim from the Fed’s monthly FEDS Notes ebp_csv.csv gz_spread column, last row. See app/sources/ebp.py.

Where it surfaces

• API field: signals.gz_spread on GET /api/v1/signals/latest
• Surface: daily_signals row (daily-cadence persistence)
• Surface: /signals/sparklines (UI sparklines)
• Surface: change markers in the rendered report

Health-score / alignment role

Data carrier — no implication, no health-score contribution.

Persisted for downstream consumers (sparklines, base-rate matcher, calibration substrate) but does not classify into BULLISH / NEUTRAL / BEARISH and does not contribute to the 0-100 health score.

Release cadence

• Publishes: monthly
• Approximate time (ET): 08:30

Federal Reserve FEDS-notes monthly Excess Bond Premium CSV (ebp_csv.csv); the gz_spread column, same monthly cadence as EBP, last row is the latest month.

See also

• /kb/api/get-signals-latest — API endpoint that serves this field.