The chart shows that traders expect a 0.25% rate increase to take place in the next 3 to 6 month period.
The 30-day LIBOR went up 0.25% either in anticipation or shortly after Fed increased the rate by 0.25% in December 2015.
LIBOR rates are tied to floating rate mortgages, most business lines of credit, money market funds, short duration corporate bonds, etc. LIBOR influences costs of doing business and greatly impacts corporate capital expenditures.
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