What's TED Spread Saying Now?

from Bespoke Investment:
For the tenth time in the last eleven trading days, the TED spread is once again widening today.  For those unfamiliar with the indicator, the TED spread measures the difference between the three-month T-bill interest rate and three-month LIBOR.  When the spread is high it is indicative of a higher level of perceived risk in the credit markets as banks increase the rate at which they are willing to lend to each other.  As shown in the chart below, the TED spread has been getting steadily wider since early March.  In early May, the crisis in Greece caused the spread to spike, and when the EU announced its bailout for the Greek government the spread saw a two-day reprieve before resuming its uptrend once again.
While the spread is considerably higher today (39 bps) than it was two months ago (13 bps), the spread is still nowhere near the highs of the credit crisis (450+ bps), and it still has a ways to go before even reaching 52-week highs.