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This TED spread that we have been ranting about for the past 3 months is finally finding mainstream groupthink. Facts are hard to ignore, particularly when they are flashed to your boss or bank, after the fact!

Below we have updated the reality of the situation on both a 3 month and 3 year basis. US Treasury yields look more and more like Japanese ones as of late. European bond investors are running for the exits. LIBOR continues to track higher.

The Fed Funds rate in this country needs to be raised. Creating cheap money leverage cycles is not the answer to this structural problem.
KM