Department of Economics2024-11-0920140165-176510.1016/j.econlet.2014.08.0172-s2.0-84907875170http://dx.doi.org/10.1016/j.econlet.2014.08.017https://hdl.handle.net/20.500.14288/13442We extract an index of interest rate spreads from various money market segments to assess the level of funding stress in real time. We find that during the 2007-2009 financial crisis, money markets switched between low and high stress regimes except for brief periods of extreme stress. Transitions to lower stress regimes are typically associated with the non-standard policy measures by the Federal Reserve. Published by Elsevier B.V.EconomicsJournal Article1873-7374343955000025Q31957