Overnight Dollar Libor Declines to 1.28 Percent (BLOOMBERG)

Overnight Dollar Libor Declines to 1.28 Percent, BBA Says

By Gavin Finch

Oct. 21 (Bloomberg) -- The London interbank offered rate, or Libor, that banks charge each other for overnight loans in dollars fell to 1.28 percent, below the Federal Reserve's target for the first time since Oct. 3.

The rate dropped 23 basis points, or 0.23 percentage point, according to the British Bankers' Association. The cost of borrowing for three months also declined 23 basis points, to 3.83 percent, the BBA said today.

To contact the reporter on this story: Gavin Finch in London at gfinch@bloomberg.net