Ooooh, a big, bad broker in the U.S. is reportedly cooking up an all-new Libor: the New York Funding Rate, or NYFR, a Frankenstein that could be unleashed upon the world as soon as today. While we submit that perhaps the U.S. should be a bit more concerned about its widows and orphans getting slammed by the nation’s inflation-indexed savings bond paying out 0% for the first time ever, and not about banks nonplussed by Libor, we digress. The broking firm launching “nyfer” assures us that it isn’t looking to replace Libor (yeah, like it wouldn’t if it could) but we’re pretty sure no one is about to start pegging their trillions of dollars of loans off something by this dubious moniker. (Thanks for the laughs, anyway.) And now, here’s exactly how this odd concoction will work.
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