6  See Humphrey (1982) for a discussion of the historical evolution of the real bills doctrine. 7  This interpretation follows from the discussion in the Tenth Annual Report of the Federal Reserve Board (Board of Governors, 1924). Soon after the Federal Reserve was founded, its mission shifted to supporting the war effort and then to managing the unwinding of that support.
Interest rate benchmarks such as BBSW are a very critical part of the plumbing of the financial system. Market participants need to have confidence in their robustness and integrity. To help ensure that is the case, the CFR has undertaken a consultation process on the BBSW methodology.