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5.13. - Page 55 of 59 <br />0 <br />Short -Term Credit Spreads Elevated and Volatile <br />Yield Spread on Money Market Yield Curves <br />6 -month Commercial Paper over T -Bill <br />1.60% — 2.50% <br />1.40% <br />2.00% <br />1.20% 122 bps <br />CD/CP Average <br />1.00% 1.50% <br />0.80% <br />1.00% <br />0.60% <br />0.40% 1 <br />0.50% Agencies <br />0.20% Treasurie <br />0.00% 0.00% T� <br />Dec'16 Dec'17 Dec'18 Dec'19 1 2 3 4 5 6 7 8 9 10 11 12 <br />Maturity in Months <br />Sources: Bloomberg & PFM Trading Desk, as of 3/25/2020. 6 -mo CP yield spread based on Al/P1 rated CP index (left). PFM Trading Desk, as of 3/25/2020 (right). <br />© PFM <br />10 <br />64 <br />