In Latin America, countries have usually begun only by announcing quantitative inflation targets, adopting the other important features of an inflation-targeting regime over a period of time. Bernanke, Laubach, Mishkin, and Posen (1999) discuss the rationale for and experience with inflation-targeting regimes in more detail.
The Federal Reserve’s supervisory teams are including the transition away from LIBOR in their monitoring discussions with large firms. The Federal Reserve will expect to see an appropriate level of preparedness at the banks it supervises.