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Powell says Fed will ‘make sure’ swap market can ditch Libor

Central banks want to break the swap market's reliance on Libor, but the planned risk-free alternatives will have to be liquid. The Fed expects to play a coordinating role

Jerome Powell
Jerome Powell. Photo: Bipartisan Policy Center
Photo: Bipartisan Policy Center

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

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