Libor Continues To Rise
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According to reports from Bloomberg, three-month Libor, the rate banks charge each other for loans, rose for a fourth straight day. The rate climbed 6 bps today to 4.21%, indicating the continued tight conditions in the credit market.
The Libor-OIS spread, the difference between the three-month dollar rate and the overnight indexed swap rate, widened to a record 260 bps. The spread is a gauge of cash scarcity among banks.
On a positive note, Libor for overnight dollars fell 111 bps to 2.68%.
The Libor-OIS spread, the difference between the three-month dollar rate and the overnight indexed swap rate, widened to a record 260 bps. The spread is a gauge of cash scarcity among banks.
On a positive note, Libor for overnight dollars fell 111 bps to 2.68%.
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