Overnight MIBOR fixing is to be shifted from the existing polling method to volume weighted average of call trades. On the governance of the benchmarks, the Committee has recommended several measures for strengthening the governance frameworks with the benchmark administrators, calculation agents as well as the submitters.
However, with the economy getting closer to our objectives, the FOMC’s emphasis is naturally shifting to questions about the degree of remaining slack, how quickly that slack is likely to be taken up, and thereby to the question of under what conditions we should begin dialing back our extraordinary accommodation.