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I'm not sure why the Bloomberg U.S. Financial Conditions Index doesn't receive more attention. It's updated daily by Bloomberg, and assesses the relative strength/weakness of the U.S. money market, bond market and equity market, and is considered a useful gauge of bank lending conditions and the overall availability of credit (see Bloomberg video below). The Financial Conditions Index went above -1.00 on Monday for the first time since October 31, 2007 and is now at a 21-month high (see chart above).

The recent strength of the Financial Conditions Index provides yet another piece of evidence that the recession is over, and further confirms Larry Kudlow's suggestion that we are in a "new bull market heralding a new economic recovery."

Source: The Recession Is Over: Bloomberg U.S. Financial Conditions Index Reaches 21-Month High