March 27, 2018 / 1:04 PM / 2 years ago

MONEY MARKETS-LIBOR/OIS spread grows beyond 60 bps, resumes widening

NEW YORK, March 27 (Reuters) - A gauge of stress in the U.S. money markets increased on Tuesday as the cost on what banks charge each to other to borrow dollars for three months rose to its highest level since November 2008 during the height of the global credit crisis.

At 8:59 a.m. (1259 GMT), the gap between the three-month dollar London interbank offered rate and three-month overnight indexed swap rate expanded to 60.300 basis points, the widest level since May 2009. It was 59.596 basis points on Monday when it narrowed for the first time in three weeks, according to Reuters data. (Reporting by Richard Leong Editing by Chizu Nomiyama)

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