July 8, 2019 / 12:49 PM / 10 days ago

MONEY MARKETS-LIBOR posts biggest one-day rise since December

NEW YORK, July 8 (Reuters) - The interest rate that banks charge each other to borrow dollars for three months posted its biggest rise since December on Monday in the wake of a solid U.S. June payrolls report that reduced expectations the Federal Reserve would lower rates at a swift pace.

The three-month London interbank offered rate increased to 2.33775%, up 2.64 basis points which was its steepest one-day jump since a 3.41 basis-point gain on Dec. 20.

LIBOR is the benchmark rate for $200 trillion worth of dollar-denominated financial products, mainly interest rate swaps and floating-rate loans. (Reporting by Richard Leong Editing by Paul Simao)

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