|Is trouble reaching new heights?
This month US headlines have been taken up with all the
usual talk of tariffs, backstabbing and impeachment.
Renegotiations for the North American Free
Trade Agreement (Nafta) started with a bang this month when
Trump announced that the US and Mexico had reached a bilateral
trade agreement in its place. An initial lack of response from
Canada made it appear that the new deal would exclude the
northernmost of the trio, but following a missed deadline that
would have seen any changes made before the inauguration of
Mexico's incoming President Lopez Obrador, they appear to be
back in the fray. Negotiations continue, but things appear to
be at something of an impasse.
It was more good news for the secured overnight financing
rate (Sofr), the Federal Reserve Bank of New York's chosen
champion to succeed the London interbank offered rate (Libor)