by Calculated Risk on 11/04/2008 09:23:00 AM

From Bloomberg: Dollar Libor Drops as Central-Bank Cash, Rate Cuts Thaw Lending

The three-month rate dropped 15 basis points to 2.71 percent, the lowest level since June 9, according to BBA figures.

This has pushed the TED spread down to 2.22 this morning (from 2.39 yesterday, and 4.63 on Oct 10th). This is still way too high, but shows more progress. More later on credit indicators ...