NEW YORK (Reuters) - A broader definition of the benchmark Libor interest rate and a better alternative is needed, an influential U.S. Federal Reserve official said on Thursday, joining the chorus of world regulators calling for changes in the wake of abuse. New York Fed President William Dudley highlighted two key areas of concern: the need for a definition of the rate that better reflects observable funding patterns; and the need for an alternative reference rate that works for all participants and is based on a deeper cash market. ...
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