Why it matters: Read rising stress as deteriorating credit conditions. HY OAS and IG OAS are the cleanest market-priced credit risk premia; VIX captures equity-market fear that often precedes credit widening.
Suggested next step: Review the signal inputs, then compare the move with current growth and liquidity readings.
Why it matters: Read rising pressure as a stronger dollar or commodity-shock backdrop that tightens global financial conditions. KRW and INR add the Asia-ex-China EM channel; oil benchmarks capture the supply-shock dimension.
Suggested next step: Review the currency inputs, then compare the move with current inflation and rates readings.