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Widening Of The Gap Between Long Term And Near<br />
Term Wholesale Funding Rates<br />
Near term liquidity is reasonable and hence short term wholesale funding rates (3 month / 6<br />
month commercial paper rates) have not moved to the same extent<br />
Gap between 1Y AAA Bond Yields and 3M CP rates have expanded<br />
So has the gap between 3Y AAA Bond Yields and 3M CP Rates<br />
Source: Bloomberg, Morgan Stanley Research<br />
CP: Commercial Paper<br />
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