Libor Increases to 5.72%, Highest Level Since Jan 2001
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According to reports from Bloomberg, Libor increased to 5.72%, the highest level since January 2001 as concerns about US subprime losses continued to strain the credit markets.
The Bank of England offered to provide additional liquidity to ease the credit crunch and the ECB said it may act tomorrow to soothe money markets if needed.
The three-month Libor rate is about 47 basis points above the Federal Reserves federal fund rate, well over the average 21 basis point spread seen over the past 5 years.
The Bank of England offered to provide additional liquidity to ease the credit crunch and the ECB said it may act tomorrow to soothe money markets if needed.
The three-month Libor rate is about 47 basis points above the Federal Reserves federal fund rate, well over the average 21 basis point spread seen over the past 5 years.
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