In This Issue ...

The December sprint to year-end has begun. 

Most of the talk these days is on closing out '22 on a positive note, especially with some promising economic signs, and heading into '23 with confidence. 

The "living wills" reports from the FRB and the FDIC will certainly help, as the eight G-SIBs came through the regulatory exercise generally unscathed. On the other hand, continued uncertainty around crypto assets will likely be a big theme in the months to come.

Speaking of '23, the new year marks the beginning of the end for LIBOR, but there's still much to come before June 30 when LIBOR goes away for good. My colleague Lary Stromfeld, who has been advising the Federal Reserve Board's Alternative Reference Rates Committee (ARRC) and a number of major financial institutions, provides an important LIBOR update in this week's issue. Lary will have much more to say on LIBOR in the coming weeks, so stay tuned.

Hope you find this week's issue helpful.

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