Fed announces more emergency moves to stem dollar, liquidity strains
(Worthy News) – The U.S. Federal Reserve continued to roll out emergency support on Friday as it enhanced efforts with other major central banks to ease a global dollar-funding crunch, backstopped a market essential for U.S. state and local government finances and ramped up its purchases of mortgage-backed securities.
In a coordinated move, the Fed said it would enhance the permanent U.S. dollar liquidity swap line arrangements it has with the Bank of Canada, Bank of England, Bank of Japan, European Central Bank and Swiss National Bank to further ease dollar funding stress abroad.
The Fed said that it would increase the frequency of 7-day maturity operations from weekly to daily, starting on March 23, and continuing at least through the end of April. The central banks will also continue to hold weekly 84-day maturity operations. [ Source: Reuters (Read More…) ]
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