Global Markets Comment Market Stress Monitor —

Economics Research 17 August 2026 | 9:48AM EDT

Global Markets Comment: Market Stress Monitor — 17 August 2026

n Market stress across a broad range of measures has declined, towards its William Marshall | long-run average. Goldman Sachs & Co. LLC

n Rates market microstructure measures have stabilized and moved broadly Friedrich Schaper | sideways, and the sensitivity of yields to order flow stands at the bottom end of Goldman Sachs & Co. LLC the year-to-date range. USD funding costs have also remained broadly unchanged, together with US swap spreads, while Bund swap spreads have tightened recently. n In equity markets, bid-ask spreads have narrowed slightly in the US and UK, but widened a bit in Europe, while equity funding spreads continue to reverse their widening through June, but they still stand elevated on a longer lookback.

In the charts that follow, we summarize various measures of market stress. Levels shown are as of August 14.

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Goldman Sachs Global Markets Comment

Summary of Market Function Measures 3