The most critical shift in finance has been playing out behind the scenes: The power to price trillions of dollars in financial assets, once held by bankers, is almost in the hands of the Federal Reserve. Now, its powers are set to increase... 1/

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Really interesting thread on the rise and fall of Libor and the implications of the international shift to repo rates as the principal interest rate benchmark. Tldr: if you think the demise of Libor means less power for central banks, you are very mistaken.