From Bloomberg via naked capitalism.
Basically that is the basis for risk measurement in lending and impacts everything else. This means no one is lending over night to anyone. The overnight dollar rate soared 3.33 percentage points to 6.44 percent.
Getting similar performance with no risk means an index and a put which will cost you about 250 bips, depending on what kind of put you take.
What this means is that the new benchmark for money is 9%... find me a market that does this... with only overnight risk.