Something to watch: Check out the Fed’s special indicator for showing how much of people’s paychecks are being used to make payments on their borrowings. This is down a lot in recent years, but a prolonged rise could signal trouble.

Wall Street, for once, does not seem to be a pressing problem. Leverage is finance jargon for borrowing, and the big banks had a ton of leverage heading into the financial crisis. Banks get the money they use to make loans and trade from two main sources: They borrow it from depositors and creditors (who can demand their money back), or they get it from shareholders (who cannot demand repayment).

The more a bank relies on shareholder funds, or equity, the less leveraged it is. And, crucially, it is also at less risk of the sort of bank runs that threatened the global financial system in 2008. The good news is that banks are using a lot more equity these days. As the Fed noted after conducting stress tests of large lenders last year, banks had common equity capital, a metric regulators use to assess the strength of a lender’s balance sheet, that was equivalent to 12.5 percent of their assets, which was more than double the 5.5 percent they had at the start of 2009.

Something to watch: Regulators are thinking about loosening a regulation that limits leverage.

Companies may be the weak point. Corporations have gorged on debt since the financial crisis. Corporate bond issuance is up over $3.5 trillion, or 67 percent, since the end of 2007, according to calculations using data from the Securities Industry and Financial Markets Association, or Sifma. All other types of debt issuance, excluding United States Treasury debt, are either down or more or less flat over the period. Bank lending to companies and commercial real estate projects is up $1.2 trillion, or 40 percent, since the end of 2007, according to Fed data.

One of the reasons investors have kept buying corporate bonds is that, while some measurements of indebtedness flashed warnings, plenty of others did not. But there are signs that the binge had gone too far, even for these easy money times.