Yet almost 95 percent of transactions that reference one of the LIBORs—from interest rate derivatives to home mortgages—are indexed to rates for maturities three months or longer ... decidedly lower ...

LIBOR set interest rates for trillions of dollars in loans for over 30 years. Banks manipulated the rate because it relied on estimates rather than real transactions. A new system called SOFR ...

LIBOR set interest rates for trillions of dollars in loans for over 30 years. Banks manipulated the rate because it relied on estimates rather than real transactions. A new system called SOFR replaced ...