Wells Fargo Advantage Funds published its latest monthly "Overview, strategy, and outlook" yesterday. It says, "On July 1, the British Bankers' Association will cease daily publication of submissions by London Interbank Offered Rate (​LIBOR) panelists. Instead, data on individual bank submissions will be delayed for three months. This follows the suspension last month of LIBOR settings for terms of 2 weeks, 4 months, 5 months, 7 months, 8 months, 10 months, and 11 months due to insufficient trade data. Both of these changes are a result of recommendations made by Martin Wheatley, managing director of the Financial Services Authority and chief executive-​designate of the Financial Conduct Authority, following his review of LIBOR in the wake of investigations into the rate-​setting process. We find it interesting that at a time when regulators are almost uniformly calling for more frequent and detailed disclosure in all areas of the financial markets, the problems with LIBOR stemmed from the disclosure of too much information too quickly. Transparency has become the holy grail of our time, but there can be too much of a good thing. We hope that regulators are mindful of this possibility as further regulatory changes are contemplated." Wells adds on the bond market massacre in June, "All of this was either terrifying or exhilarating for market participants, depending on positioning, but for those in the money market space, it made for interesting, if somewhat detached, viewing. The chart on this page shows the U.​S. Treasury yield curves at the end of each month from April to June. It'​s worth noting that while the changes are significant farther out the yield curve, they are barely noticeable for shorter maturities of up to one year."

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