Last week some $75 million of "fed funds" (that is, interbank overnight credit) was transacted at a rate of 15%, and "a bunch" went through in the low to mid 7s.
No, I didn't mistype that. You can find the actual data at this link.
Originally I, and everyone else, assumed that the "high" was an error. A bad print. That there was no chance this was "real".
