US’s first Libor-replacement term rate coming in 2020
Staff at the New York Fed are working on a series of backward-looking averages
The Federal Reserve Bank of New York will begin publishing a series of backward-looking secured overnight financing rates (SOFR) in the first half of 2020. Cash markets have been clamouring for a term rate to replace Libor as the benchmark for floating rate loans.
Lorie Logan, deputy manager of the System Open Market Account, discussed the effort at the last Federal Open Market Committee meeting, minutes published on February 20 revealed. Staff at the New York Fed have already started work on
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