This chart shows the contribution of the liquidity spread to the CFSI. The liquidity spread measures changes in the short-term differences in the bid and ask prices on 3-Month US Treasuries, which reflects liquidity in financial markets. A widening spread signals illiquidity in the market, which is associated with growing stress.
Release: Cleveland Financial Stress Index
Federal Reserve Bank of Cleveland, Contributions to the Cleveland Financial Stress Index: Liquidity Spread [LQTYSD678FRBCLE], retrieved from FRED, Federal Reserve Bank of St. Louis https://research.stlouisfed.org/fred2/series/LQTYSD678FRBCLE, February 11, 2016.