Just a reminder, in case this news got lost amidst the last two years, the London Interbank Offered Rate (LIBOR) will cease to be used for setting interest rates for loans, mortgages and corporate debt by June 2023.
Why?
Too many scandals and manipulation using LIBOR has finally sealed LIBOR’s fate.
LIBOR will be replaced by the Secured Overnight Financing Rate (SOFR), which is supposed to be more accurate and a better benchmark for rates. (Time will tell).
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