by Michael S. Derby
NEW YORK (Reuters) – The New York Federal Reserve will establish a new task force to monitor how benchmark rates are used in private markets, Chairman John Williams said on Thursday.
According to the latter, the New York branch of the American central bank will create a committee responsible for examining the use of reference rates, which will bring together market players.
Its mission will be to “support integrity, efficiency and resiliency in the use of interest rate benchmarks – or reference rates – across financial markets, including rates published by the Fed of New York,” reads a document prepared for a speech to be delivered at an event hosted by the New York Fed on Thursday.
John Williams added that the first meeting of this committee would take place next month.
The committee will study how reference rates are used by markets and help investors and traders make the best use of these rates, he wrote.
The economic outlook or the monetary policy of the US central bank were not discussed by John Williams.
(Reporting by Michael S. Derby; by Claude Chendjou, editing by Kate Entringer)
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