This chart shows the contribution of the commercial paper -T-Bill Spread to the CFSI. This spread measures the difference between the 90-Day financial commercial paper rate and the 90-Day US Treasury Yield. It captures the short-term risk premium on financial companies' debt. A widening spread signals increases in the underlying risk of financial companies' operations.
Release: Cleveland Financial Stress Index
Federal Reserve Bank of Cleveland, Contributions to the Cleveland Financial Stress Index: Commercial Paper minus T-Bill Spread [CPTBSD678FRBCLE], retrieved from FRED, Federal Reserve Bank of St. Louis https://research.stlouisfed.org/fred2/series/CPTBSD678FRBCLE/, November 28, 2015.