October 17th, 2008 7:05 am | by John Jansen |

Libor rates are sliding. Overnight Libor dropped 27 basis points to 1.67 percent.  One month Libor rates dropped 18 basis points to 4.28 percent. Three month Libor rates have dropped 8 basis points to 4.42 percent.

Rates have declined several days in a row following the coordinated actions of central banks and finance ministeries about the globe. An early and tentative judgment is that they have lubricated the gears and the engine is beginning to crank again.

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