Instead, they are meant to completely end the new use of LIBOR while allowing a significant portion oflegacy contracts to roll off before the key dollar LIBOR tenors stop publication. Three years ago, the ARRC estimated that there were approximately $ trillion in outstanding financial contracts using USD LIBOR as a reference rate.
In these circumstances, our job will be to gauge the strength of the economy as it approaches its capacity to produce and to reduce the amount of monetary stimulus in place in a timely and measured manner. What do we mean by those terms?