Fed group: SOFR term rate unlikely in 2021

ARRC chair says use case of a forward-looking benchmark would be limited

Federal-Reserve-Bank-of-New-York-building

The development of an official forward-looking version of the secured overnight financing rate by the end of 2021 is in serious doubt after the chair of a key industry group backed by the Federal Reserve tempered expectations for such a benchmark.

Tom Wipf, chair of the Alternative Reference Rates Committee, quashed any notion that a term SOFR – originally pencilled in for June 2021 – would be ready by mid-year and doubted one would be available by year-end.

“We don’t think we’re going to be

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