Fx traders: there has been a lot of desk talk about LIBOR spreads recently and quite frankly i don’t know what the fuss is about. (A little note, I know i’m guilty about banging on about it too)

In the last two weeks i’ve read 6 stories on Zero Hedge, 8 money market expert opinions, 4 Bloomberg reports, and 12 institutional research takes. The reasons (and pick your) best are: short term paper issuance, repatriation, USD funding shortage, canary in a coal mine credit stress……the list goes on ad infinitum

Three of my take outs:


Keep a lazy eye of it because it only matters when it matters.

Keep tuning that noise filter because markets always change.

Patrick Reid
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