Interbank lending stays steady

The Ted spread, which tracks the difference between three-month Libor and US Treasury bills, was 2.77% at 1230 BST today, unchanged from Tuesday. Used as a measure of perceived counterparty risk, the Ted is now at its lowest level since September 23 when it stood at 2.5%.

In the overnight markets, US dollar borrowing costs moved to 1.12% from 1.27% yesterday and sterling dropped from 4.75% to 4.57%. Euro rates increased to 3.57% from 3.55%.

Three-month dollar Libor remained at 3.82%, while t

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