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Libor has been rising more than the Fed funds rate in the year to date (+55 basis points). This represents a tightening in financial conditions beyond what the Fed has intended. The reasons for the rise are not absolutely clear. However, a flood of US T-bill issues to fund budget deficits seems a significant contributor. The good news is that a supply driven rise in LIBOR (this includes other drivers of the rise) does not represent bank solvency risk as seen in the 2008 crisis. However, the rise in borrowing costs will still have impact.

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