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Regulators' SOFR Power Grab. Debt Markets At A Crossroad

Nov. 02, 2021 10:59 AM ET
Kurt Dew profile picture
Kurt Dew


  • Close-to-zero interest costs are at an end.
  • Higher and more volatile interest rates are inevitable in the coming healthy market economy.
  • Our debt markets’ success in financing continued growth requires a market-priced liquid generic debt instrument.
  • Longer-term growth will be problematic unless debt that attracts retail investors is allowed to flourish without federal intervention.
  • This article describes a way forward.
Which way to go road sign

BrianAJackson/iStock via Getty Images


The financial climate is changing for the first time since the Financial Crisis of 2007-2008 – returning to a normal higher and more volatile interest rate environment. Either the markets for private debt will bring us smoothly out of this post-COVID recovery, easing

This article was written by

Kurt Dew profile picture
My primary interest is financial market structure. I write about market platforms, index instruments, and exchange management firms primarily. I was a member of the team that introduced index trading at the CME. Later, I pioneered the secondary market trading of OTC interest rate swaps.

Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it. I have no business relationship with any company whose stock is mentioned in this article.

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