CP–T-bill Spread (90D AA Financial CP minus 3M T-bill)
As of 2026-10-13, the CP–T-bill Spread (90D AA Financial CP minus 3M T-bill) stood at -1.0 bps, down 4.0 bps from the prior reading, at the 5th percentile of the past 5 years. 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
-1.0 bps-4.00
Historical Position: 5%Last updated: 2026-10-13
Historical Position5%
Current Interpretation
CP–T-bill Spread read -1.0 bps on 2026-10-13 (-4.0 bps vs prior reading). Based on its standardized historical distribution (z-score), current positioning reflects a "easing bias". Check related plumbing indicators to evaluate broader systemic conditions.