This is some monetary egghead stuff but it is very important. TD Securities:
US Funding Stress: Ripples in the Water
•Bank unsecured funding levels have risen amid the financial reverberations of the Ukraine invasion. CP-OIS, Libor-OIS, and cross-currency basis have all widened. However, we argue that this is more a function of markets pricing in the potential of significant credit losses in the banking system. Higher credit risk premiums should also widen CP-OIS.
