Quick Take
The fed and five central banks have just announced to enhance liquidity via USD swap lines. The other five central banks are the Bank of England, the Bank of Canada, the European Central bank, the Swiss National Bank, and the Bank of Japan. Swap line operations with the fed will now be daily instead of weekly Distressed banks can now get liquidity (dollars) from the fed daily. The result is balance sheet expansion — billions if not trillions of liquidity incoming in the short-medium term.
Press release: (Source: ECB)
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