From H.15

Yields in percent per annum

Federal funds (effective) Nov 18  0.11 

Eurodollar deposits (London)  Nov 18  0.30 

Bank prime loan  Nov 18  3.25 

U.S. government securities     Treasury bills (secondary market)

4-week    0.04 

6-month  0.15 

http://www.federalreserve.gov/releases/h15/update/

Does this mean a bank can borrow in NY at .11 %pa and deposit in London at .3%pa and lock in an arbitrage profit?  If it does not mean that, why does it not?  Is this what is meant by the carry trade?

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