Comments from Williams at a Libor briefing
- No comments on the outlook for monetary policy
- Says he doesn't always sense urgency from market participants to shift language in contracts away from USD Libor
- Libor is a leading risk to financial stability
- We are now at a critical polit in the timeline
- Consumer products are a critical area where industry needs to focus because it's going to be challenging
- Biggest challenge is a willingness on the part of the market to stop using Libor
Some Libor deadlines hit in 2022.