Interbank lending still under pressure

Interbank lending markets remained under stress today, despite large injections of liquidity by the world’s central banks.

The Ted spread, which tracks the difference between three-month Libor and US Treasury bills, hit an all-time high for the second day running, reaching 3.12% today, from 3.04% yesterday.

Three-month Libor for the dollar, euro and sterling continued their upward trend. The cost of borrowing dollars for three months rose to 3.204% from 3.063% yesterday. Three-month euro Libor was at 4.995% today, up from 4.974% on September 17, while sterling reached 5.978% versus 5.871% over the same period.

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