LIBOR still dropping...

inspector_monkfish

15:55 23Jul09 SWAPS: GBP Moves Steeper on Underlying Pressure

[14:55 SWAPS: GBP Moves Steeper on Underlying Pressure] London, July 23

GBP yields were pushed higher this afternoon after the Bank of England"s Andrew Sentence appeared to indicate that next month"s MPC meeting will be on hold in August. The QE conundrum is still in the balance after the minutes earlier this week and the underlying market is creaking as a result, especially the intermediate sector. Traders reported sporadic swap flow with underlying market flow dominating proceedings. 10-year has seen regular price action both on an outright and spread basis. Spreads stand at a 37.75 bp mid point but most pressure is driven by screen manipulation. 2s/10s has climbed to a mid point of 208 bp from 205.5 bp during the mid morning.

inspector_monkfish

LIBORs 24th July

3mth 0.92463 (down half point)
6mth 1.14338 (down half point)
12mth 1.46188 (down 1 point)

inspector_monkfish

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IM

scrounger_2

Does anyone know if the LIBOR rate has nearly disappeared of the scale? Its heading that way now!

inspector_monkfish

scrounger wrote: »

Does anyone know if the LIBOR rate has nearly disappeared of the scale? Its heading that way now!

how do u mean by disappeared off the scale?

scrounger_2

well not literally I meant does it benefit the banks- then encourages the rate to start to rise again-I dont know what I mean I hope you do?

bgqs

This is great....keep going LIBOR !!!! My fixed rate is going onto LIBOR SVR in Sept....at the minute, I am heading for a £330 saving every month !!!!

Misstique

I love this thread, Inspector keep up the good work!

inspector_monkfish

scrounger wrote: »

well not literally I meant does it benefit the banks- then encourages the rate to start to rise again-I dont know what I mean I hope you do?

no, i have no idea what you mean !!

interbank trading is benefiting i guess, as based on libor, banks are trading at alot lower levels than they are actually lending to their day-to-day customers

inspector_monkfish

LIBORs 27th July

3mth 0.91438 (down 1pt)
6mth 1.13125 (down 1pt)
12mth 1.45625 (down 1/2pt)