The unprecedented amount of cash the Federal Reserve has pumped into the financial system is proving more powerful for money-market rates than Chair Janet Yellen’s signals she will start turning off the spigot.

At a time when Treasury bond yields are climbing on speculation that Yellen will raise interest rates sooner than expected, the three-month London interbank offered rate is going the other way. The cost of three-month loans in dollars between banks, or Libor, fell to 0.22810 percent yesterday, setting a record low for the second straight day, according to the ICE Benchmark Administration in London.

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