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Commercial paper
’Money markets in crisis
Overnight dollar Libor has soared to its highest level in 7 years today. More significant yet, a look at the Libor-OIS spread – which strips out the underlying central bank interest rate risk from consideration and the move is all the more significant.
Another way the Paulson Plan is hurting Main Street
Forget artificial stock markets. Here’s where the real market news is – in the turmoil rocking the world’s most liquid (non-sovereign) debt market.
The latest commercial paper yield numbers, from the Federal Reserve:
Blame Lehman?
Felix Salmon at Market Movers frames an “inevitable” question: would financial markets be in their current parlous state if Lehman had been bailed out?
I don’t buy it. Hank Paulson has been working on his RTC II plan for months now,