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Where we left off: In our Mid-Year Check-In blogpost, we noted that progress in the development and readiness of some credit sensitive interest rate indices (e.g., Bloomberg’s BSBY,...
Although several candidates have emerged, there is no consensus on the best replacement for the commonly-used short-term loan rate benchmark.
In the recent webcast, An Income-Focused Solution for a Yield-Challenged Environment, Kevin Flanagan and Chris Acito argued that investors...
Libor Replacements Multiply in Shift That Could Fracture Markets Nowhere is the race to succeed Libor more up in the air than in the multitrillion-dollar syndicated lending markets. Bloomberg | May 24, 2021 (Bloomberg) -- A slew of newer and lesser known reference rates are staking their claim to a share of the post-Libor landscape as the outlook for the space grows increasingly fractured. Once largely considered afterthoughts in the race to replace the London interbank offered rate, a clutch of upstart challengers, from Ameribor and BSBY to ICE’s Bank Yield Index, have been gaining...
The modern practice of inflationary monetary policies has drastic, wide-reaching effects on the economy. Over the last 40 years, monetary policy has caused interest rates to decline from a high of around 20% down to the zero bound. During the same period, the U.S. dollar (USD) money supply has expanded at a rate never before seen in modern history and asset prices in dollar terms exploded to the upside, all while the U.S. average hourly wage has lagged on an unprecedented scale. Ironically, the growing wealth gap, caused by lagging wages and rising asset prices, has occurred while the Federal...