Tuesday November 4, 2008 - 13:58:05 GMT
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Forex News: 3 Month LIBOR comes down again
The US 3 month LIBOR rate came down for the 17 straight day. The rate is now below the level that prevailed before the credit crunch started. However, the TED spread, the difference between 3 Month LIBOR rate and the 3 month T-bill yield is down but remains above the pre-credit crunch level. The TED spread was trading around 114 basis points before the crunch, moved up to 463 basis points at the peak and has since moved down to 222 basis points currently. So credit is easing but still not where it should be.
Other good news for the credit crunch is that Commercial Paper Outstanding rose by 100 million last month after 6 straight weekly declines. The Treasury/Fed program of guaranteeing certain CP issues (with JP Morgan being a conduit) has eased the corporate burden a bit. This is needed to counteract the negative economic news that should keep growth slow for some time. The weekly CP statistics are released by the Fed every Thursday.
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