Fed hosts meeting with banks, regulators on LIBOR alternatives


Will the Fed’s absence hurt stocks?

Financial Advisor Mark Falter, Derrick Kinney & Associates owner Derrick Kinney and Miracle Mile Advisors Managing Director Duncan Rolph on the potential impact of the midterm elections and Federal Reserve on the markets.

The Federal Reserve said it is hosting a meeting on Monday with banks and regulators to discuss the development of a reference rate alternative to LIBOR, the London interbank rate that was at the center of a global rigging scandal.

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Expected participants in the discussion include Bank of America (NYSE:BAC), Goldman Sachs (NYSE:GS), HSBC and central bank officials from England, Europe and Japan.

The Fed said that the meeting, held at the New York Fed, is a step toward implementing recommendations issued by a Financial Stability Board report in July.

(Reporting by Michael Flaherty)

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