Not surprisingly, Freddie Mac successfully completed its debt auction this morning (it was only a $3 billion issue). But the spreads are still pretty high. The spread over Treasuries for Freddie's 3-month note was 71bp, and the spread for the 6-month note was 48bp. The spread over LIBOR narrowed a bit at 48bp. Of course, the real action today will be in the repo market. But still, after the Treasury and the Fed's actions last night, I'm somewhat surprised that the spreads didn't narrow more. These are truly wild times on the financial markets.