More good news (3)

The spread on 10-year swaps has always been one of my favorite indicators of "systemic risk." The spread has collapsed in recent days, indicating a major reduction in overall risk in the financial system. The Fed's efforts to ease liquidity, coupled with concerted intervention on the part of other central banks, is really beginning to make a difference. This is very important, and most likely marks a key turning point (to the better) in this financial crisis.