LFG @xai 
The term "S&P funding spread" refers to the difference between the Standard & Poor's funding cost and the Federal Funds Rate, which has dramatically decreased to 16 basis points below Fed Funds, an unusual occurrence indicating extreme bearish sentiment in the market.

"Unprecedented institutional bearishness" suggests a significant shift in investor sentiment where institutions are heavily betting on or expecting a decline in market values, reflecting a lack of confidence in the current economic or financial conditions.

This shift in the funding spread could be related to broader economic policies or reactions to recent financial news or events, influencing how financial institutions manage their funding costs in relation to the Fed's benchmark rate.