Office Of Financial Research Update: “Time Is Right For LIBOR Alternative”

The OFR posted a blog today by Director Richard Berner, entitled, “Time is Right for LIBOR Alternative.” In it, Director Berner says, “LIBOR is not just an interest rate. It is an interest rate benchmark, or reference rate, one that plays a central role in financial markets and our economy. But there are doubts about LIBOR’s reliability, prompting the Federal Reserve and the Office of Financial Research (OFR) to work with other agencies and market participants to devise a reliable, widely accepted alternative.” He adds, “The OFR is involved in the planning — already well underway — and will be involved with implementation when it occurs.”.

The paper is posted on the OFR website at: https://www.financialresearch.gov/from-the-director/.

The OFR home page is at: https://financialresearch.gov/.