The London interbank offered rate, or Libor, that banks charge each other for three-month loans in dollars dropped to the lowest level in four years.
The rate slid 10 basis points to 2.29 percent, the lowest level since November 2004, according to British Bankers' Association data today. It was its 20th consecutive decline.
The TED spread, which measures the difference between the cost of three-month loans and the yield on U.S. Treasury bills of the same maturity, dropped below 200 basis points for the first time since Sept. 12, the last day before the collapse of Lehman Brothers Holdings Inc.
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