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(Bloomberg) -- By adopting the broad GC repo index, the Alternative Reference Rate Committee chose to develop a new OIS market “essentially from scratch” that will take a “very long time, perhaps, as much as five years down the road,” Citi strategists Ruslan Bikbov and Jason Williams said in June 23 note. 

• Fed is still finalizing GC benchmark index and is expected to start publishing it in 1H 2018
• Next step in transition is for ARRC members to build their infrastructure to handle future derivatives trading based on the new rate, followed by uncleared trading of these products
  • It may take a long time to convince end users such as corporate hedgers to adopt the new benchmark

To contact the reporter on this story: Alexandra Harris in New York at aharris48@bloomberg.net To contact the editors responsible for this story: Boris Korby at bkorby1@bloomberg.net Jenny Paris

(Bloomberg) -- Following are forecasts for today’s U.S. economic releases as compiled by Bloomberg News.

• Durable Goods -0.6%; range -1.9 to 2.5% (75 estimates)
• Durables ex-trans 0.4%; range -0.5 to 1.3% (52 estimates)
• • In April, durable goods orders declined 0.8 percent -- the first loss since November -- amid a drop in machinery, fabricated metals, and electrical equipment

(Bloomberg) -- Former minister Antonio Palocci was sentenced by Judge Sergio Moro to 12 years and 2 months of imprisonment for crimes of passive corruption and money laundering, G1 reports without saying how it got the information.

• Law firm Bretas Advocacia, which is responsible for Palocci’s defense, confirmed the verdict to Bloomberg and said it will not yet take a position on the case
• NOTE: Brazil Carwash Probe Seeks to Protect Banks From Plea Deal: Folha

Original Story: Palocci é condenado a 12 anos de reclusão pela Lava Jato: Globo To contact the translator on this story: Danielle Chaves in Sao Paulo at djelmayer@bloomberg.net Reporter on the original story: Ana Carolina Siedschlag in São Paulo at asiedschlag@bloomberg.net Editors responsible for the original story: Daniela Milanese at dmilanese@bloomberg.net Fernando Travaglini

Washington has a helper in monitoring economic sanctions, terror financing and money laundering: the Fed: reut.rs/2tM3muN pic.twitter.com/1jErkLcir4
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