Would you say free fall. Money manager flocking to safe heaven. Some jig is up.

This what is causing yield curve to steepinning across the board. Charts for ratio of Libor3 to IRX and same chart during 2007-2010 . What followed when this ratio started to rise.
We are not there yet. FED may come to rescue soon.

Short rate rise in boomimg economy and falls in bust cycle. 2009 it was closer to 0

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Credit market Libor3 to 3 month T bill ratio