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Credit Spreads Remain Stubbornly Wide
OK, so we are officially in a recession — not that it matters much.
What matters is we are still in a credit crunch, as evidenced by the TED spread. The spread between three-month Treasurys and the three-month Libor rate continues to hover above 200 basis points. Remember, the spread was in the low single digits before the credit markets went nuclear.
Until the credit crisis ends, the recession will remain. Someone tell the National Bureau of Economic Research.
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