Derivatives markets have two years to end their Libor love affair, but may need help to do so. They will get it, says Jerome Powell, a member of the Board of Governors of the Federal Reserve System.
Powell co-chaired the group of 21 officials behind a Financial Stability Board (FSB) report published in July, which advocates moving the market to a variety of new benchmarks – a revamped, tamper-proof Libor, as well as a selection of near-risk-free rates, with at least one of the latter to be up an
- James Bullard on 2% rates, tariffs and Fed leadership
- Turkish central bank raises overnight rates in bid to stop lira’s fall
- Podcast: David Hendry and John Muellbauer on empirical macro
- Argentinian central bank takes drastic action over currency crisis
- Policies must change to stop emerging markets crisis, analysts say