There’s a lot wrong with LIBOR, they say. Even if there is, this surely isn’t any better. The world sees them as the ideal technocrats, the best and brightest. They are, and have been, the Keystone Cops. 

The Federal Reserve Bank of New York said Monday it had mistakenly included certain repo transactions in the settings for April 2 to April 12 for the new benchmark, which is known as the Secured Overnight Financing Rate, or SOFR. The bank investigated the readings after it received feedback from market participants about higher-than-expected volumes of repurchase-agreement deals underlying the SOFR rate.