You've heard a lot about the LIBOR overnight rate for sure, but check out the 3m trailing rate, too. Meanwhile the overnight has dropped to "only" 3.79% today, down 308 pips.
Let's hope there wasn't too much window dressing in stocks yesterday, end of the quarter and all that.UPDATE: Felix Salmon at Market Movers has sniffed the story here, too. Here's the link.