 For example, if the T-bill rate is 5.10% and ED trades at 5.50%, the TED spread is 40 .The TED spread fluctuates over time but generally has remained within the range of 10 and 50 (0.1% and 0.5%) except in times of financial crisis.A rising TED spread often presages a downturn in the U.S. stock market, as it indicates that liquidity is being withdrawn.