Back From 'Financial Ground Zero'

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Below are charts of four different measures of financial stress and volatility, displayed over the last five years.

Taken together as a group, these four charts show that the overall conditions in the U.S. financial markets were at the worst levels in the fall of 2008, and they have now returned to their pre-recession levels of late 2007.

From the "financial ground zero" two years ago, the U.S. financial markets have made remarkable progress.

Exhibit A. The Kansas City Financial Stress Index (click to enlarge images):

Exhibit B. The St. Louis Financial Stress Index:

Exhibit C. The CBOE Volatility Index

Exhibit D. The Bloomberg U.S. Financial Conditions Index