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The Political Independence of the Fed   Homes as Investments
Mar 20 2008 1:40PM EDT

Credit: Still Hairy

The TED spread is above 200bp, and now repo rates on three-month Treasury bills have gone negative. What does that mean in English? Markets are broken. And once markets break, the healing process tends to be long and painful. The stock market might be up today, but this doesn't look good to me.

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