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Ted spread widens beyond 400 basis points on bank fears
NEW YORK, Oct 8 (Reuters) - A widely watched barometer of interbank lending markets stress, the so-called "Ted spread", widened to beyond 400 basis points on Wednesday, reflecting investors' deepening concerns about the global banking system, even after coordinated central bank interest rate cuts.
The gap of London interbank offered rates over the 3-month U.S. Treasury bill rate widened to about 403 basis points on Wednesday, the biggest gap in at least a decade, according to Reuters data.
Investors are flocking to ultra-safe government Treasury bills, pushing those rates down, while banks' distrust of lending to each other is pushing interbank lending rates up.
(Reporting by John Parry and Chris Reese; Editing by Chizu Nomiyama)
