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Banks had warned, SOFR doesn't work and that's a huge problem (in case you hadn't noticed)
SOFR, intended to replace LIBOR, is faltering and causing economic stress. Jeff Snider discusses the implications for credit markets and the shadow money system.
Any reference to a specified source for USD LIBOR shall be replaced with the publication of the applicable Board-selected benchmark replacement (inclusive of the applicable tenor spread adjustment) by ...
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