Permanent repurchase-agreement facilities, one for domestic firms and another for foreign firms, will backstop money markets.

SOFR is replacing LIBOR as the floating leg on all linear swaps, swap spreads, and curve trades in the interdealer market.

The imminent return of the U.S. debt ceiling is causing angst for money-market traders once again. While the risk that Uncle Sam might default by missing…

"We want to signal our support for credit-sensitive rates alongside SOFR. There's a lot of work being done on having a rate that looks and feels like LIBOR," according to a BofA representative.

Reinstatement of the debt ceiling in July will push more cash into the market, while simultaneously yanking supply out of the market.

It's an "important day," as ISDA issues fallback measure for swaps and other derivatives still tied to the benchmark.

Lack of volume in derivatives tied to other benchmarks is driving many asset managers, traders, and corporate treasurers to continue using LIBOR-based derivatives.

U.S. policymakers' use of LIBOR as the benchmark for the $600 billion Main Street Lending Program increases challenges of moving to a replacement rate.