Is A U.S. Banking Crisis Brewing?

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Editor’s note: Originally published at on March 3, 2023

[Below is an excerpt from a commentary posted at TSI on 19th February. Subsequently there have been no significant changes in the data, so the conclusion

Current spread between 3-month LIBOR and the yield on a 3-month Treasury Bill is close to zero

Spread Between 3-Month LIBOR And Yield On A 3-Month Treasury Bill (

SOFR-Treasury spread has been far more volatile during the past 12 months than it was during the bulk of 2020-2021, but that it has oscillated around zero and is currently slightly below zero

Spread Between The SOFR And 1-Month Treasury Bill (

BKX/SPX ratio is in a short-term uptrend and is at roughly the same level today as it was in early April of last year

KBW Bank Index And BKX/SPX Ratio (

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