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Libor 688

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by Felix Salmon
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Extra Credit, Monday Edition   When Regulation Works

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Sep 30 2008 9:12am EDT

Libor: 6.88%

Are you in any way reassured by the dead cat bouce in various global stock markets? Don't be. This is a credit crisis, remember, not a stock-market crisis: the impact on stocks is just collateral damage. And this morning, overnight Libor was fixed at 6.88%, up from just 2.57% on Monday.

OK, that's the most dramatic datapoint. Three-month Libor rose much less, to 4.05% from 3.88%. But it's still ultra-high. And TED? 351bp. The credit markets are not happy, no matter what might be going on with stocks.

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