Credit market in turmoil worst than post 2008 crash.

When denominator is to a number at 0 = infinity.

TED spread: The TED spread measures the difference between the yield on the 3-month Treasury Bill (T-bill) and the value of the eurodollar futures contract—which is based on the 3-month LIBOR rate. To calculate the TED spread, you simply subtract the yield on the 3-month T-bill from the value of the eurodollar contract The TED Spread is important to investment analysis because it is a simple indicator of the price of money (interest rate) in the global banking system. It is an indicator of the solvency of financial institutions, monetary liquidity, and perceived risk of the financial system.

Then look to TED spread. It is breaking out.

Last chart was reasonable:

TED spread:

March 3 2020 Post warning is here now:

Yield Curve steepining across maturities TNX/IRX