Interbank lending rates soar


Interbank lending rates soared in March, despite a further 75-basis-point cut by the Federal Reserve on March 18 and two new initiatives by the US central bank to pump liquidity into the money markets.

The Ted spread peaked at above 200bp on March 19 before falling back to 142bp on March 27. The Ted spread is the difference between three-month Libor and the risk-free rate on three-month US Treasury bills, and is used as a measure of the perceived risk of interbank lending.

The Ted spread has

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ESRB narrows its macro-prudential tools

The European Systemic Risk Board is about to announce a slimmed-down list of potential macro-prudential tools, but who has the power to use them is still the subject of debate. By Michael Watt

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