If there is one key tool that will tell us when the credit crunch and problems in the financial markets are easing? It is the TED Spread. That is the gap between three-month US Treasuries (the risk free rate) and three month Libor (the rate at which banks lend to one another). Historically that rate has been a fraction of one percent. It spiked in September 2008 to over 2% and has increased since last month to well over 4%. A chart can be seen here. When this ratio declines it will be good news and when it it under 1% this crisis is likely nearing its end.