[3]  There are very limited exceptions to this, including contracts necessary to support or manage risks relating to legacy LIBOR contracts entered into before the end of 2021. For example, see Federal Reserve Board (2020), ‘Agencies issue statement on LIBOR transition’, Joint Press Release, 30 November. Available at <https://www.federalreserve.gov/newsevents/pressreleases/bcreg20201130a.htm>.
At the same time, estimates indicate that the return on investment in education has remained high, implying that the demand for educated labour has kept pace with the rapid increase in supply.