I have noticed some discrepancies between the data you provide for the Bloomberg US Financial Conditions Index and the value as found on the Bloomberg terminal itself. Although the shape of the lines look similar, the values are different. For example in July your data goes up to 0.47, however the Bloomberg data goes marginally above positive. Could you please check and confirm? 

Eoin Treacy's view

Thank you for highlighting this issue which can only be explained by revisions to the data that readjust the scale of the chart on Bloomberg. This is one of the perils of relying on fundamental economic data. It tends to be revised at least once and possibly more often as more data becomes available. Of course that says nothing about the influence political ambitions have on how data is released.  I have now updated our chart to depict the revisions.

This 20-year chart of US Financial Conditions illustrates just how much of a dislocation the credit crisis represented. Following on from my review of global bank relative charts yesterday, it is interesting that this Index has been building support over the last year and is now testing the region of the trend mean, which has already turned upwards. Reform of the money market funds sector and the prospect of higher interest rates are both positive for the US banking sector.