Matt, thought I would help explain why this chart is so important since you mentioned it in the newsletter.  The spread measures the difference between where  Banks can raise 3 month money in US dollars (LIBOR) vs where Banks can raise 3 month money in Euros (EURIBOR).  The large spread exists since 3 month EURIBOR is still negative (-30 bps or so) vs 3 month  LIBOR at around 2.65%.  The spread being so wide means largely one of two outcomes: 1) the European economy heats up forcing European rates to move higher and faster than US dollar LIBOR  -  a very unlikely scenario  or 2) US LIBOR stops increasing and begins to pull back in toward European rates, which would be indicative of a slowing US economy.