Powell: Fed will ‘make sure’ swap market can ditch Libor
Central bank will coordinate switch to new risk-free benchmark
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
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