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Libor hits highest level since 2008 on Fed hike expectations

The three-month London interbank rate for the dollar rose to the highest level since the financial crisis as traders priced in further interest rate hikes by the Federal Reserve.

Libor rose for the fourth consecutive session, by about 2.5 basis points to 2.83229%, the highest level since November 2008. The Libor rate spread on overnight index swaps was unchanged at 17 .9 basis points.

The move follows Tuesday’s rise in Treasury yields after several Fed bankers commented they are not done fighting inflation, prompting traders to reduce bets on rate cuts next year. .

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