Thursday, November 10, 2011
I have been waiting for weeks to post this!
The important three-month sterling LIBOR is not over 1.0%
The important three-month sterling LIBOR was unchanged at 1.00438% on 10 November, its highest level since July 2009. It raised fears over Crunch Crunch II. It rose steadily by fractional amounts throughout 2011 with the fastest rises in February and, even more rapidly, in August, September and October. These were the periods when markets were most febrile. It finally began to stabilise in late October on hopes of a euro rescue deal. Confidence between banks - which LIBOR essentially measures - was tested by fears of rate rises in early 2011 and then Middle East turmoil. But it was the latest panic about a European sovereign debt crisis in July that spurred the biggest LIBOR rise. Rising LIBOR indicates that banks are eyeing each other with increasing suspicion.
Posted by khards @ 02:04 PM (1378 views)
4 thoughts on “I have been waiting for weeks to post this!”
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drewster says:
And that means banks will be reluctant / unable to lend to house buyers. Crashy crashy 🙂
khards says:
This figure has been creeping up for weeks, the reason for celebration is the 1% milestone. Hopefully it will now have an exponential rise and those SVR mortgages will be at risk.
It could be a bloodshed.
Cypher007 says:
unless captain QE steps in to save the day.
khards says:
Oops the title of the post should read is now over and not ‘not over’