Are Libor spreads near the new normal?
In recent weeks talk of green shoots has dominated the financial pages. And many commentators have cited the fall in the three-month London Interbank Offered Rates (Libor) for loans as a sign that a recovery is now blossoming.
Libor, calculated by the British Bankers' Association each morning based on feedback from some of the City of London's trading desks, measures the rates at which several of the major banks think that they could borrow unsecured over 15 maturities in ten currencies.
Three
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