NY Fed’s Williams Announces New Body to Monitor Reference Rates
- Reference Rate Use Committee will begin meeting in October
- New York Fed has proposed changes to way SOFR is calculated
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Federal Reserve Bank of New York President John Williams on Thursday announced the formation of a body of private market participants to monitor the use of interest-rate benchmarks, or reference rates, across financial markets.
The Reference Rate Use Committee, which will begin meeting in October, “will focus on key issues regarding reference rates, including how their use is evolving and how the markets underpinning them may be changing too,” Williams said in remarks opening the New York Fed’s 10th annual US Treasury Market Conference.