Libor reaches new high

Posted on: October 1, 2008

The cost of money between world banks is at a new high in the world credit crisis as measured by the London interbank offered rate (Libor). It indicates the credit problem is not just an American issue.

The Libor is at 6.88 per cent this morning, one day before American lawmakers in the House of Representatives are expected to vote on an adjusted bailout package for banks.

Word slowdown indicated as a U.K. purchasing index falls to its lowest level in 17 years.

Oil is up to $102 a barrel this morning, and one interesting sign – in one story, gold traders see modest gains, six per cent, for the precious metal over the next year.

From Bloomberg: American housing prices still dropping, even more quickly, about 16 per cent in July. As the credit crunch tightens and it gets more difficult to get into a mortgage, sales for those lower-priced homes won’t pick up quickly.


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