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After the Federal Reserve raised its benchmark interest rate for the first time in almost a decade, the Day One follow-through in money markets shows the policy move looks to be working.

The overnight U.S. dollar London interbank-offered rate, known as Libor, fixed at the highest in more than six years Thursday. The rate, which signals where banks think they can borrow from each other, was posted by Intercontinental Exchange Inc. at 6:45 a.m. in New York at 0.3614 percent, the highest since March 31, 2009. It’s up from 0.1315 percent a week earlier and 0.0852 percent at the end of last year.

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