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The NY Fed's Alternative Reference Rates Committee (ARRC) announced their formal recommendation today for the CME Group's forward-looking SOFR Term Rates "for business loan activity, where adapting to an overnight rate could be more difficult."
- In the statement, ARRC "does NOT support the use of SOFR Term Rates for derivatives markets" however, "except for end users to hedge cash products using the SOFR Term Rates."
- ARRC "continues to recommend using forms of overnight and averages of SOFR where possible."
- Of note, use of 1W and 2M US$ LIBOR rates will end on December 31, 2021 while the balance of tenors (O/N, 1M, 3M, 6M and 1Y) will end June 30, 2023.
- Link: ARRC