Although we are not always successful in changing perceptions and misconceptions about the Bank and monetary policy, we have found that these interactions and initiatives have helped create a greater appreciation of the challenges we face, the reasons why we act in a particular way and has reduced antagonism towards the Bank, particularly when unpopular policies have to be implemented.
Notably, the ARRC recently recommended SOFR term rates, which will facilitate the transition from LIBOR to SOFR for market participants who wish to use a forward-looking rate.9 Given the availability of SOFR, including term SOFR, there will be no reason for a bank to use LIBOR after 2021 while trying to find a rate it likes better.