Monday of course is a special day for Americans, a day when we grill, head to the pool one last time, and mark the end of light summer rush hours — all to recognize the many workers who put together the London Interbank Offered rate, LIBOR.

You see, LIBOR Day is a treasured holiday for most Americans, particularly those about to refinance.  It’s a day when we gather with friends and family and discuss the interest rates at which banks offer to lend unsecured funds to other banks in the London wholesale money market (or interbank market).

It’s a day when hot dogs are tastier when served with forward rate agreements, short-term interest rate futures contracts, interest rate swaps, floating rate notes, syndicated loans, and of course, variable rate mortgages, which are really good with sauerkraut and baked beans.
So enjoy LIBOR Day — exchange gifts, if that’s your weird family tradition; drive safely from the beach, if that’s where you were; and thank the Good Lord that the government soon may bail out Fannie Mae and Freddie Mac without it affecting interest rates.  And please drive only if you are sober.

Happy LIBOR Day.