1/3  BIS central bankers' speeches  Issuers should demand it of themselves, and investors should demand it of issuers. There is, however, also another and easier path, which is simply to stop using LIBOR. At this moment, many seem to take comfort in continuing to use LIBOR—it is familiar, and it remains liquid.
However, many firms indicate that the magnitude of the decline in consumption following the tax hike has been broadly in line with expectations and that private consumption continues to remain resilient as a trend. At this stage, it therefore appears that the effect of the decline in consumption due to the front-loading of demand is likely to start waning in the coming few months.