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The Year in Research
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Chart of the Day: Money Market Stress Easing
Dec 18 20088:57 pm EDT
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Dec 18 2008 8:57pm EDT
Chart of the Day: Money Market Stress Easing
The Libor-OIS spread is getting within striking distance of its pre-Lehman levels:
The big moves down in October were related to the bank recapitlization plan and the announcement of the Fed's programs to buy assets from the non-financial sector. It's harder to pin-down the exact reasons for the current southward trend. But it's worth noting that it coincided with the first junk-bond sale in six weeks.
Stanford's John Taylor has some more to say about the behavior of the Libor-OIS spread post-Lehman and argues that its collapse wasn't the primary cause of the heightened crisis. Highlights here.
