Michael Held: Put together for touchdown

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Thanks for that sort introduction, and for the chance to talk to you all right now. As all the time, my remarks mirror my very own views and never essentially these of the Federal Reserve Financial institution of New York or the Federal Reserve System.

It has been nearly precisely a yr since I final spoke about LIBOR transition. My hope is that I will not be speaking about LIBOR once more subsequent September as a result of there will not be any must say extra about it. We’ll see.

It appears that evidently now, each speech about LIBOR wants some kind of metaphor, so I will examine the transition away from LIBOR to bringing a really massive airplane in for a touchdown. Like a 747 or an Airbus 380. I hope you’ll be able to all keep in mind what it was wish to fly on an airplane-that’s one thing all of us used to do within the earlier than instances, proper? This explicit aircraft has had a really lengthy flight, and the dotted traces on the little digital map are approaching the vacation spot. I feel quite a lot of market individuals have been specializing in U.S. greenback LIBOR’s publication ending in June 2023. Now, that will appear to some like a very long time away nonetheless, and so it is not but time to make a final move via the cabin amassing all of the stray espresso cups and soda cans. And I do not disagree that June 2023 is a crucial date; by then, this aircraft must be safely landed and parked on the gate for an on-time arrival.

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