"Fear gauge" at record high in interbank lending market

Used as a measure of the perceived riskiness of the interbank market, the TED spread has risen steeply since mid-September - it stood at a mere 1.21% as recently as September 11.

Interbank borrowing costs climbed as well. Three-month US dollar Libor rose to 4.3338% from 4.207% yesterday and three-month euro Libor was up to 5.327% from 5.317%. But three-month sterling fell slightly again, down to 6.27% from 6.277% yesterday.

In the overnight markets, the cost of borrowing eased again; the doll

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