The three-month London interbank offered rate decreased by 4.75 basis points, marking its steepest single-day decline since a 5.5 basis-point drop on May 21, 2009.

This interbank borrowing gauge fell to 2.23925%, which was the lowest since March 2018.

LIBOR is the benchmark rate for $200 trillion worth of dollar-denominated financial products, mainly interest rate swaps and floating-rate loans.