New York Fed President John Williams said one issue with moving to the Secured Overnight Financing Rate for some firms is that it doesn't offer longer-term rates given that it is focused on overnight borrowing costs. "Fed's Williams Calls for More Urgency in Replacing Libor -- Update," at 10:06 a.m. EDT, incorrectly stated Mr. Williams said one issue with moving to Libor is that it doesn't offer longer-term rates in the sixth paragraph. (July 15, 2019)

(END) Dow Jones Newswires

July 15, 2019 13:27 ET (17:27 GMT)