Joint action lessening interbank spreads

In a sign that central banks' concerted action aimed at easing money market tension is doing just that, banks' borrowing costs fell further on Thursday.

London interbank offered rates (Libor), a measure of average lending costs, were down for dollar, euro and sterling loans.

Sterling rates eased most drastically. Average costs for one-month loans fell by eight basis points to 6.22%. Three-month borrowing costs were down seven basis points to 6.14%. Both three-month and one-month costs have alr

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