At one point, the ten-year swap spread reached 71.5bps, though it has fallen sharply since then.

ECONOMIST: Buttonwood

In 1994, the swap spread rose to a then record level of 116bps.

ECONOMIST: Buttonwood

If more people want to pay a fixed rate in exchange for a floating rate than want to receive a fixed rate, the swap spread the fixed interest rises compared with Treasury yields.

ECONOMIST: Buttonwood

According to Reuters, the two-year U.S. interest rate swap spread--a gauge of financial system stress--was quoted at a record high 166.5 basis points in Asia, suggesting that concern about defaults among banking counterparties were worsening.

FORBES: Europe Markets Brief

Either way--with a swap or a margined bond trade--you pocket the spread, unless and until the corporate bond gets into trouble, at which point you're sitting on a painful capital loss.

FORBES: A Dangerous Game

Their frequent mixture within humans--compounded by our misuse and abuse of these antibio-tics in soaps and meat--along with their ability to swap DNA with other species, make it easy for them to spread acquired resistance.

FORBES: Cave Woman