The Goldman Sachs Financial Conditions Index is a proprietary composite macroeconomic metric designed to track the daily availability and cost of credit across the United States economy. Unlike the Chicago Fed's weekly broad index, Goldman Sachs constructs its FCI using a tightly focused weighted basket comprising real short-term interest rates, corporate bond credit spreads, the trade-weighted value of the U.S. dollar, and aggregate equity market valuations. This index allows institutional traders and economists to measure how financial market fluctuations immediately impact real economic activity and growth forecasts.