Implementation of new Sofr rate is “ahead of schedule”, says Fed vice-chair
Implementation of new Sofr rate is “ahead of schedule”, says Fed vice-chair
Continued use of the London interbank offered rate (Libor) carries considerable risks, Federal Reserve vice-chairman Randal Quarles said on July 19.
But he told the alternative reference rates committee roundtable that the effort to implement a replacement reference rate is running “ahead of schedule”.
The secured overnight financing rate (Sofr) “has only been in existence three months, and Sofr futures have only been trading for two months”, he noted. But he said that “on a daily basis there
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