Ted spread and Libor drop again

Confidence in the interbank lending markets improved today, with the Ted spread and Libor continuing to fall.

The Ted spread, which tracks the difference between three-month Libor and US Treasury bills, is now at its lowest level since September 16, reaching 2.03% at 1200 GMT from 2.23% at the close of trading yesterday.

Three-month dollar Libor fell to 2.51% from 2.71% while the euro dropped from 4.71% to 4.65% and the cost of borrowing sterling moved from 5.73% to 5.68%.

In the overnight markets, US dollar borrowing costs dropped to 0.31%, from 0.38% yesterday. Sterling fell to 4.5% from 4.53%, while

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