FOMC expects an inflation bump, but it’s short-lived, spiking to 2.4% this year before slowing to 2% next year.
“We want to signal our support for credit-sensitive rates alongside SOFR. There’s a lot of work being done on having a rate that looks and feels like LIBOR,” according to a BofA representative.
New York governor’s state budget, published this week, includes provisions to help troublesome LIBOR-linked contracts switch to replacement rates.
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