The Fed's Move to Secured Overnight Funding Rate

The Fed's primary job is to keep the banking system liquefied. It doesn't matter if you like it or not, we're here talking what's here. The bond market dwarfs the stock market in size and a lot of debt is floating rate. And it had always been priced in LIBOR. That was designed to kneecap the euro dollar market over which the Fed has very little control.

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