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HY OAS

What it is

HY OAS — registry key hy_oas.

Classifier metric. See the bands table below for the band-by-band reading.

Source

Source module: credit
Data source: back_fillable

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

How it’s computed

Raw ICE BofA US High Yield Index Option-Adjusted Spread from FRED series BAMLH0A0HYM2, reported in percentage points (e.g. 3.45 = 345 bps over the matched-duration Treasury curve). OAS adjusts the spread for embedded call/put options in the constituent bonds — the standard credit-stress proxy. Daily FRED publication. See app/sources/credit.py:40 (_calculate_credit). The classifier bands (Benign / Normal / Watchful / Elevated / Stressed / Crisis) are applied downstream via signal_defs.band_for('hy_oas', value).

Where it surfaces

• API field: signals.hy_oas on GET /api/v1/signals/latest
• Surface: daily_signals row (daily-cadence persistence)
• Surface: intraday_signals row (per-cycle snapshot)
• Surface: /signals/history time series
• Surface: /signals/sparklines (UI sparklines)
• Surface: change markers in the rendered report

Bands / thresholds

Classifier direction: lower_is_better.

Health-score / alignment role

• Health score component: hy_oas (weight + math in app/signals/config/score_weights.json and app/signals/score.py).
• Alignment category: credit, default weight 1.5 (see /kb/alignment for the 11-category framework).
• Contributes to: health_score.HY OAS, implication.credit, alignment.credit, cascade.4

Release cadence

• Publishes: intraday

See also

• /kb/alignment — Alignment framework — 11-category implication vs. price.
• /kb/health-score — Health score — 0-100 composite.
• /kb/api/get-signals-latest — API endpoint that serves this field.