The TED spread mostly did a good job of signaling stress in the markets - 1987, 1990, the tech bubble, the financial crisis and the COVID pandemic. Over the past year, however, we can see that this spread hasn’t moved much at all. In other words, it hasn’t been signaling much credit risk at all. If the original TED spread is still low and credit spreads are low, is there any ratio out there that actually is signaling growing risks in the credit market? Turns out there is.