Goldman's prime brokerage business, which assists and finances hedge fund stock purchases, has been racking up fees and interest rate spreads.

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However, most small businesses have faced an especially challenging economic climate in recent years, as lenders exhibited widening interest rate spreads, and access to credit dried up almost entirely by the end of 2008.

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Yet, even after the central banks' announcement, dealers cited by TradeTheNews.com said that some interest rate spreads were still high, with the TED spread (which is price difference between three-month futures contracts for U.S. Treasuries and three-month contracts for Eurodollars) still above 30 basis points.

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And as competition increases, interest-rate spreads will fall, putting pressure on profit margins.

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Such thin interest-rate spreads give governments little incentive to trim their deficits.

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Wholesale trading in Europe, which used to be mostly based on currency bets, is now a game of credit and liquidity risk, expressed in interest-rate spreads.

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Superficially, there is some basis for the official view that the worst of the crisis is over: Interest-rate spreads, current-account deficits and budget deficits are down.

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With Europe in a more stable position and strong demand for credit risk amid the continuing low interest rate environment, inflows are set to continue, driving spreads tighter again, sources suggest.

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In the run-up to October's election, the growing certainty that Lula would win caused the real to slump and the spreads on Brazil's bonds (ie, the interest rate investors demand on them, above that paid by America's government) to soar.

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