Yet, even after the central banks' announcement, dealers cited by TradeTheNews.com said that some interest rate spreads were still high, with theTEDspread (which is price difference between three-month futures contracts for U.S. Treasuries and three-month contracts for Eurodollars) still above 30 basis points.
Monday, before the vote, the so-called TEDspread, or the gap between the rate at which banks will trade with each other and three-month Treasury bills had grown to 348 basis points from 200 basis points last week, which shows a continued lockup of the credit markets.