Which statement is not correct?

The fed funds rate and LIBOR are close substitutes for overnight funding. The fed funds rate is generally lower than the UBPCD:

During the $2007-2009$ Financial crisis, LIBOR and fed fund rate spiked due to lose confident and intermarket froren.

Funds traded in the Eurodollar market are often used as an alternative to fed funds as a source of overnight funding for banks.

The LIBOR rate is frequently used by major banks in the U$.$S$.$ as a base rate on commercial and industrial loans.

The fed funds rate is affected not just by the demand for interbank lending, but also by the Fed's actions.

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