The TED spread has our attention. With the market pricing in a drastic sudden increase in counterparty risk, the TED rose by 6 bps two weeks ago and by another 11 bps last week to 69, surpassing the 2011 spike and moving to levels we haven't seen since May 2009.
Editor's Note: This is a brief excerpt from a research note written by Hedgeye Financials analyst Josh Steiner. To learn more about our institutional research ping sales@hedgeye.com.