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Credit markets ease slightly

Daily newsbrief journal for December 2008, also see http://www.usdemocrats.com/brief for a global 100-page perpetual brief and follow twitter @usdemocrats


Credit markets ease slightly

Postby admin » Thu Feb 09, 2012 9:24 am

Credit markets ease slightly
« Thread Started on Dec 3, 2008, 8:39pm »

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Credit markets ease slightly
Posted: 12:54 PM ET
By Catherine Clifford
CNNMoney.com
NEW YORK (CNNMoney.com) — The credit markets showed slightly improved
confidence Wednesday, as Treasury prices retreated and lending rates fell ahead
of expected interest rate cuts by Europe’s central banks.

The 3-month Libor rate eased Wednesday to 2.20 percent from 2.21 percent
Tuesday, according to Bloomberg.com. The overnight Libor fell to 0.88 percent
from1 percent Tuesday.

Libor, the London Interbank Offered Rate, is a daily average of what 16
different banks charge other banks to lend money in London and is used to
calculate adjustable rate mortgages. More than $350 trillion in assets are tied
to Libor.

One reason the overnight Libor rate fell was in response to banks’ and
institutions’ increased borrowing demands at the end of the month, according to
Kim Rupert, fixed-income analyst at Action Economics.

“The overnight rate has fallen now that we have passed the turn into the
new month into December,” said Rupert.

Government debt prices ticked lower, but Treasury prices remained at very
elevated levels with yields near record lows. Investors have shied away from
the sharp movements in the stock market and prefer to keep their funds in the
safe haven of Treasurys, even if it means sacrificing profit.
admin
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