Interest rates are still sky-high — but companies aren't feeling the squeeze

• The Federal Reserve has not started cutting interest rates with inflation still north of 2%.
• Yet companies haven't found it this easy to borrow cash since 2022, a Chicago Fed index shows.
• Stocks have also carried on racking up gains this year despite higher rates.

Companies haven't found it this easy to borrow in more than two years, according to one indicator, even though the Federal Reserve has opted to resist interest-rate cuts in a bid to curb inflation.

The Chicago Fed's National Financial Conditions Index, which measures companies' ability to access cash, fell to its lowest level since January 2022 earlier this month. A lower reading of the gauge signals a looser financial environment.