What is LIBOR? London Inter-Bank Offered Rate.  It is the primary benchmark, along with the Euribor, for short-term interest rates around the world

The same day as the Biden Summit in Geneva the Federal Reserve that and it was supposed to be an inconsequential meeting they didn't do anything, right?  Well they did.  They raised the payout rate on the reverse repo contracts from 0% 5 basis points.  Basically, the Fed was not willing to pay 5 basis points or .05% for anybody willing to execute a reverse repo contract which in this case the Fed will sell them a US Treasury and they would take dollars out of the market.  That's what a reverse repo does.  The Fed buys dollars and sells for a certain time period a U.S. security. It could be an overnight.  It could be a 7-day, a 14-day, 30 days.  Repos come in all forms, shapes, and sizes.  This one shut down other things that are making noise so that was a big deal hadn't gone