In August 2007 the focus of the credit crisis shifted, to some extent, from the subprime mortgage debacle to the money markets, whose shorter-term rates serve the financing needs of banks and other financial institutions. Of special interest to market participants and commentators were developments in three-month interest rates — especially the three-month London Interbank Offered Rate (LIBOR).

"The cost of borrowing funds in the three-month money markets...is continuing to rise, suggesting a frantic scramble for liquidity among financial groups," wrote Gillian Tett in the Financial Times (Sept. 4, 2007). The Wall Street Journal ran stories with such headlines as "Why LIBOR Defies Gravity" (Sept. 5, 2007) and "LIBOR Pops Up" (Sept. 6, 2007). A month later the Journal headlined a story titled "Money-Market Rates Show Tumult Hasn’t Subsided" (Oct. 4, 2007).

By early February 2008, the credit situation still hadn’t subsided, and promised to remain an issue for some time. One story in The Economist (Feb. 9, 2008) began, "With problems spreading from Wall Street to Main Street, America’s credit crisis will get worse before it gets better."