TED Spread signals easing of Credit Squeeze

According to Bob Bach, Chief Economist for Grubb&Ellis the credit pinch may be showing signs of easing:

Bob's Box
TED Spread

One indicator that the credit squeeze is easing is the TED spread – the difference between interest rates on 3-month Treasury bills (“T”) and the 3-month Eurodollar futures contract (“ED”) as represented by the dollar London interbank offered rate (Libor). Treasuries are risk-free, while Libor is a proxy for the credit risk of corporate borrowers. The recent narrowing suggests that lenders are becoming more willing to take risks. At some point this easing, if it is sustained, should begin to show up in the commercial real estate capital markets.
Source: Federal Reserve, British Bankers' Association