Recently, the Ted Spread, an index the measures how easy (cheap) it is for banks to borrow from banks has gotten better. Recent chart here which shows the latest at around 2.70%:
However, it is important to note that Ted needs to be around 25 basis points… or 0.25%. This is good progress, of course. But for context, here is the five year chart:
Back in the start of Jan 2008, Lehman brothers apparently knew they were in trouble with liquidity freezing up… and we were around 150 basis points. (1.5%) We’re moving out of the woods… but we have a bit to go still…