The Swiss National Bank is dumping Libor and using a new rate to set policy, part of a shift worldwide in the wake of a manipulation scandal that’s undermined the benchmark’s credibility. The move in Switzerland -- which ends a link going back two decades -- has been in the works for some time. The central bank is making the leap now as Libor’s end date has been set for 2021. That has implications for the SNB’s three-year forecast horizon, because policy makers want their medium-term economic projections to be based on a single rate. The new SNB policy rate will target short-term rates on the money market, President ... (full story)