Now at Grade 4 (&quot;Significant stress period&quot;), associated with greater than 50% chance of a &quot;Systemic Stress Episode&quot; according to [1]. Previous events: LTCM rescue, Bear Sterns collapse and Lehman Brothers failure.<p>[1] <a href="https:&#x2F;&#x2F;www.clevelandfed.org&#x2F;newsroom-and-events&#x2F;publications&#x2F;economic-commentary&#x2F;2012-economic-commentaries&#x2F;ec-201204-the-cleveland-financial-stress-index-a-tool-for-monitoring-financial-stability.aspx" rel="nofollow">https:&#x2F;&#x2F;www.clevelandfed.org&#x2F;newsroom-and-events&#x2F;publication...</a>