Financial Crisis: Third Wave Still Growing

Here are two charts to track the progress of the Fed's recent liquidity initiatives.

The first is the TED Spread from Bloomberg:

For more on the TED spread, see Professor Krugman: My friend TED

The second graph is the A2P2 spread from the Fed's Commercial Paper report. This also shows the building 3rd wave of the financial crisis.

The third wave appears to be still growing.