Interbank lending still under pressure

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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