Up until today, the credit indicators had been steadily thawing. Not surprisingly, that ends here:
The three-month rate dropped 2 basis points to 3.52 per cent, the BBA said today.
Meanwhile, you can check out the TED spread here, ticking up over 3%. It’s still down violently from its highs.
On CNBC just a moment ago, PIMCO co-CEO Mohamed El-Erian says he told his wife at 2:30 AM, “Today is going to be a special day.” (Boy, If we tried something like that.