LIBOR Phaseout: An Update

First announced in 2017, the phaseout of LIBOR (London Interbank Offered Rate) as a global interest rate benchmark for interbank lending will be completed by the end of 2021. In addition, many banks also use LIBOR as a reference rate for adjustable rate commercial and consumer loans. The United States Federal Reserve has recommended SOFR (Secured Overnight Financing Rate) as a replacement.

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