Interbank markets remain stable

In the three-month markets, dollar Libor fell to 2.71% today from 2.86% yesterday. Euro Libor dropped from 4.74% to 4.71%, and the cost of borrowing sterling also fell from 5.78% to 5.73%.

US dollar overnight Libor dropped from 0.39% to 0.38%, while sterling and Euro Libor rates remained unchanged from yesterday at 4.53% and 3.50%, respectively.

The Ted spread, which tracks the difference between three-month Libor and US Treasury bills, also fell from 2.42% at the close of trade yesterday to