Interbank lending remains stable

The Ted spread, which tracks the difference between three-month Libor and US Treasury bills, remained unchanged at 2.53% at 1230 BST today. 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 up to 1.21% from 1.12% yesterday. Sterling dropped from 4.57% to 4.55% while euro rates decreased slightly from 3.57% to 3.56%.

Three-month dollar Libor remained at 3.53%,

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