We’ve been saying it for over a month: the most important, if widely underappreciated, factor for risk assets has been the surge in Libor and the blow out in the Libor-OIS spread, or short-term funding costs, which impacts everything from bank lending costs to the marginal cost of trillions in floating rate debt.
https://www.zerohedge.com/news/2018-03-21/morgan-stanley-soaring-libor-story-year-not-fed
