---
date: "2026-08-19 22:04:54"
tags: "FRED, Office of Financial Research"
category: "Credit Spread, Baa, Figure 1, Extension"
---

# Chart: Figure 1: Baa-Treasury Credit Spread (1925-2025, extended)
Extension of Figure I past the paper's 2015 sample end, through the most recent available FRED data.

## Chart
```{raw} html
<iframe src="../../_static/P01/figure_1_extended.html" height="500px" width="100%"></iframe>

<p style="text-align: center;">Sources: FRED, Office of Financial Research</p>
```
[Full Screen Chart](../download_chart/P01/figure_1_extended.html)




Same construction as the replication chart, extended through the present, including the 2020 COVID shock and recovery.


## Chart Specs

| Chart Name             | Figure 1: Baa-Treasury Credit Spread (1925-2025, extended)                                                   |
|------------------------|------------------------------------------------------------|
| Chart ID               | figure_1_extended                                               |
| Tags                   | Credit Spread, Baa, Figure 1, Extension                                      |
| Data Series Start Date |                                              |
| Data Frequency         | Monthly                                              |
| Observation Period     | Monthly average                                     |
| Lag in Data Release    |                                             |
| Data Release Timing    |                                          |
| Seasonal Adjustment    | Not Seasonally Adjusted                                    |
| Units                  | Percentage Points                                                  |
| HTML Chart             | [HTML](../download_chart/P01/figure_1_extended.html)    |


## Dataframe Manifest

| Dataframe Name                 | FRED Processed Monthly Series                                                          |
|--------------------------------|--------------------------------------------------------------------------------------|
| Dataframe ID                   | [fred_processed_monthly_series](../dataframes/P01/fred_processed_monthly_series.md)                                       |
| Sources                        | FRED, Office of Financial Research                                          |
| Providers                      | FRED, Office of Financial Research                                        |
| Provider Links                 | https://fred.stlouisfed.org/                                   |
| Tags                           | Processed Data, Macroeconomic Data, Fred                                             |
| Access Types                   | Public                                      |
| How is data pulled?            | Web API via Python `pandas_datareader.data.DataReader`                                                   |
| Data available up to (min)     |                                                              |
| Data available up to (max)     |                                                              |
| Dataframe Path                 | C:\Users\fraff\OneDrive\Documentos\UChicago\FINM_32900_Full_Stack_Quantitative_Finance\Project\p03_lopez_salido_stein_zakrajsek_2017\_data\processed_data\fred_final_series_monthly.parquet                                             |


**Linked Charts:**


- [P01:figure_1_replication](../../charts/P01.figure_1_replication.md)

- [P01:figure_1_extended](../../charts/P01.figure_1_extended.md)

- [P01:figure_1_aaa_replication](../../charts/P01.figure_1_aaa_replication.md)

- [P01:figure_1_aaa_extended](../../charts/P01.figure_1_aaa_extended.md)

- [P01:summary_statistics_credit_spreads](../../charts/P01.summary_statistics_credit_spreads.md)



## Pipeline Manifest

| Pipeline Name                   | Credit-Market Sentiment and the Business Cycle                       |
|---------------------------------|--------------------------------------------------------|
| Pipeline ID                     | [P01](../../index.md)              |
| Maintainer                      | Fernando Raffo, Bangjie Xu               |
| Contributors                    | Fernando Raffo, Bangjie Xu |
| Repository                     | https://github.com/fernando-raffo/p03_lopez_salido_stein_zakrajsek_2017                  |
| Pipeline Web Page               | <a href="file://C:/Users/fraff/OneDrive/Documentos/UChicago/FINM_32900_Full_Stack_Quantitative_Finance/Project/p03_lopez_salido_stein_zakrajsek_2017/docs/index.html">Pipeline Web Page      |
| Date of Last Code Update        | 2026-08-19 22:04:54           |
| OS Compatibility                | Windows, Linux, MacOS |
| Linked Dataframes               |  [P01:fred_macroeconomic_variables](../dataframes/P01/fred_macroeconomic_variables.md)<br>  [P01:shiller_market_variables](../dataframes/P01/shiller_market_variables.md)<br>  [P01:greenwood_hanson_hys](../dataframes/P01/greenwood_hanson_hys.md)<br>  [P01:mergent_fisd_bond_data](../dataframes/P01/mergent_fisd_bond_data.md)<br>  [P01:fred_processed_monthly_series](../dataframes/P01/fred_processed_monthly_series.md)<br>  [P01:fred_processed_annual_series](../dataframes/P01/fred_processed_annual_series.md)<br>  [P01:shiller_processed_annual_series](../dataframes/P01/shiller_processed_annual_series.md)<br>  [P01:greenwood_hanson_hys_processed_series](../dataframes/P01/greenwood_hanson_hys_processed_series.md)<br>  |