Ted spread and Libor drop again

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%, wh

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