On January 1, 2010 the TED (treasury-euro dollar) spread was 0.

The TED spread measures the difference between the interest rates on interbank loans (Eurodollars) and short-term U.S. government debt (T-bills). An increase in the TED spread indicates a higher perceived risk of default on interbank loans relative to T-bills. If the TED spread increased from 0.4% to 0.9%, it reflects an increase in credit risk associated with interbank loans compared to T-bills.