TED datapoint of the day: 48bp
Remember the TED spread? It closed at 139bp on March 17, which was a decided improvement over the levels over 400bp we saw last fall, but was still pretty wide.
Yesterday, however, it closed at 58bp, and today it’s finally broken the 50bp barrier, last at 48bp. Back when the likes of Paul Krugman started blogging the TED spread, in March 2008, it was oscillating wildly between about 100bp and 200bp. Now it’s back to much more normal levels — and I wonder whether that means the interbank market is beginning to pick up again. Any volume figures on that?