I have been asked to make some remarks about the reform of the London Interbank Offered Rate (Libor), specifically what the future of Libor entails and what the reform of interest rate benchmarks in general means for market participants.
Graph 14  Long-term Inflation Expectations %  % Unions*  4  4 Inflation swaps**  3  3  2  2  1  1998  2003  2008  *  Average over the next 5–10 years. **  5-years to 10-years forward.