CP–T-bill Spread reads 16.0 bps as of 2026-05-22. Change from prior reading: +6.00. Current value sits at the 73th percentile of the trailing 5 years. Sourced from computed, refreshed every 6 hours, and free to access via the JSON API.
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Integrated Brief
DCPF3M − DTB3 — 90-day AA financial commercial paper rate minus 3-month Treasury Bill rate. The TED-style post-LIBOR funding-stress proxy: financial issuers include large US branches of foreign banks, so the spread carries a real offshore component. Widens at SVB-style stress events.
Core Print
Current Interpretation
CP–T-bill Spread is currently 16.00 (daily change +6.00). Based on its standardized history position (z-score), the current read is "Neutral range". Check related indicators to confirm whether this is isolated noise or a broader liquidity shift.
Score contribution is currently unavailable for this indicator.
CP–T-bill Spread is a core liquidity signal used to track funding conditions and risk appetite in US dollar markets.
This indicator shifts available liquidity and risk premium, which can move valuations in equities, crypto, and credit.
Use the related indicators and the Liquidity Score direction together to avoid overreacting to a single data point.
Read our complete guide on CP–T-bill Spread, including historical examples, interpretation methods, and common pitfalls.