For example, while the US Fed is currently targeting 5.25 per cent, the actual rate in the market rose to 6 per cent on 9 August (Graph 3).
4  BIS Review 94/2007  Graph 3  In LIBOR and swap markets, which are further away from the direct influence of central banks because they are more internationally focussed and have a greater diversity of participants, margins widened relative to cash rates (Graph 4).