Ted spread hits new high

Used as a measure of perceived counterparty risk, the Ted spread has more than tripled since the beginning of September when it stood at just 1.0998%. Overnight interbank borrowing costs also climbed; the US dollar rate rose to 2.3687% from 1.9963% on Friday, the euro rate rose to 4.27375% from 4.105% and sterling moved from 5% to 5.08125%.

Three-month dollar and sterling Libor rates fell today, however, to 4.2888% from 4.3338% and 6.2675% from 6.27% respectively. Three-month euro Libor clim

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