With Bloomberg you get the story behind the story, the story behind the global birth rate,

behind your EV batteries environmental impact, behind sand. Yeah, sand, you get context.

And context changes everything. Go to Bloomberg.com to get context. Hello and I'm Joe Wiesaintau.

Hello and welcome to another episode of the Odd Thoughts Podcast. I'm Tracy Allaway.

And I'm Joe Wiesenthal. So Joe, I know I said our Libor series was at an end, but as we discussed in the previous episode, I lied and I sort of lied twice because we have two extra episodes and this is the second one,

although I promise this is actually the last one.

Who knows, maybe this won't be the last one.

What can I say? Libor gets people fired up and everyone really

wants to talk about it but I will say some of the episodes that were early in our

series we actually recorded those before we had the big March sell-off

and all the volatility that we saw in the market.

So I think we should actually have another discussion about what we've seen

this year with the coronavirus crisis and what it might mean for the LIBOR transition.

Yeah, no I agree. I do think like it's it's good to talk big picture and the sort of long-term

trajectory of what's coming for Libor and the replacement, but in the meantime, Libor still exists and so talking about how this

benchmark, you know, what's happened with it during this extraordinary several weeks and months

for the market is a sort of a useful thing as well I hope.

Yeah and I guess the big tension that sort of emerges is should we be attempting to do this big redesign of the financial system,

basically redesigning the reference rate to which trillions of dollars of assets are tied,

at a time when we're distracted by so much else going on in finance, right?

We're in the middle of a financial or maybe not financial but an economic crisis.

The Federal Reserve is rolling out all these new programs, regulators are looking at financial stability, things like that, should we be tackling LIBOR at this exact moment.

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