Did the financial crisis of 2007-2009 affect financial and nonfinancial firms to the same extent? The figure below shows, starting in 2006, the (1) spread between the interest rates on three-month non-financial commercial paper (FRED code: CPN3M) and three-month Treasury bills (FRED code: TB3MS) and (2) spread between interest rates on three-month financial commercial paper (FRED code: CPF3M) and Treasury bills (FRED code: TB3MS). Compare the evolution of these two spreads (the shaded area represents the recession). FRED - 3 Month AA Nonfinancial Commercial Paper Rate 3 Month Treasury Bill: Secondary Market Rate - 3 Month AA Financial Commercial Paper Rate-3-Month Treasury Bill Secondary Market Rate 2006 2010 2012 2016 fred.stlouisfed.org myf.red/g/6wDs