NY Fed president sends warning on Libor transition
Firms “sticking their metaphorical heads in the sand” must act now, Williams says
Federal Reserve Bank of New York president John Williams has dampened hopes among financial firms looking for a “reincarnation” of Libor.
Williams warned firms that “are sticking their metaphorical heads in the sand” or are “wearing rose-tinted glasses, getting nostalgic” over the London Interbank Offered Rate must urgently prepare for the end of the interest rate benchmark.
“Some say only two things in life are guaranteed: death and taxes,” he said in a speech on September 23. “But I say
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