TED spread

The Fed balance sheet and repo facility cannot explain the stock market’s movement in isolation

The Connection Between The TED Spread And Liquidity Risks

The TED spread is an indicator of liquidity risks in the interbank market. It is the difference between the 3-month interest rate on interbank loans and the yield on 3-month US Treasury Bills. Any rise in the indicator would lead the banks to ask for more Treasuries and be more reticent about granting loans.