Swap lines
James Bullard on the Fed’s policy review, FSOC and forecasting jobs data
St Louis Fed president discusses his support for average inflation targeting, his concerns about US Treasuries market function, non-bank regulatory weakness and negative rates, as well as the unexpected success in using Homebase data to predict highly…
Fed extends swap lines and warns of slowing US economy
More fiscal and monetary stimulus will be needed as cases surge in US, chair Powell said
Chile and China expand bilateral swap line
Central banks more than double size of swap line and expand scope of use
Chinese banks’ dollar needs are large but unclear – BIS research
Swap lines meet most banks’ dollar needs, but firms may still struggle to access dollars, authors warn
ECB offers euros to non-eurozone central banks
Eurep facility aims to reduce international risks spilling over to eurozone, ECB says
Appetite for renewed Fed dollar swap lines in doubt
With up to $300bn of positions nearing expiry, some say FX swap market can meet banks’ funding needs
ECB and Romanian central bank set up repo swap line
Romanian currency has fallen in recent months as central bank lowers rates in response to pandemic
BoE’s Hauser: Covid-19 forced “largest and fastest” actions ever
Executive director gives blow-by-blow account of how the BoE tackled the Covid-19 crisis in the markets
Central banking enters a new era
Central banks face a delicate balancing act to preserve their reputations as they evolve into ‘buyers of last resort’ and some of their actions appear functionally equivalent to ‘monetary financing’
Campos Neto on reforming Brazil’s economy amid Covid-19 distress
The Central Bank of Brazil governor speaks about how Brazil is managing fallout from the coronavirus pandemic, the benefit of large reserves, his plans to deploy emergency asset purchases and why he favours extending the IMF’s SDR funding
Charted: rush for dollar liquidity fades
Figures from central bank dollar repo facilities show waning demand, but outstanding swaps still high
IMF launches new dollar emergency liquidity facility
Facility could fill “critical gap” left by central bank dollar swap lines, senior IMF official says
ECB sets up €2 billion swap line with Croatian National Bank
The line will remain in place until the end of 2020, but can be extended as long as it is needed
Fed opens dollar funding to majority of central banks
New repo facility aims to ease strains caused by global flight to the safety of dollars
Concentrated firepower: central banks must expand their arsenal
Philip Turner argues central banks should be prepared to go further to avoid economic and financial collapse
Dollar crunch eases as central banks step up swaps action
Core swap recipients will offer daily dollar auctions; cross-currency basis narrows
Fed expands network of swaps to emerging markets
Emerging markets will now have direct access to a dollar backstop, but it is still limited
Banks rush to tap new dollar liquidity facilities
IIF warns of major capital flight from emerging markets as demand for Fed-backed repos surges
Central banks grapple with dollar funding crunch
Indicators of stress hit highest levels since global crisis; dollar backstops may soon be tested
World risks ‘global liquidity crunch’, former BIS officials warn
“Urgent action” needed to prevent crisis, say Philip Turner and André Icard
30 years of central banking
Central banks face credibility tests on a number of fronts
Agustín Carstens on fixing the global monetary system
The BIS chief speaks about how to strengthen the global safety net, vulnerabilities in emerging markets and the challenges and opportunities posed by fintech
Brazilian central bank will sell dollars outright for first time since 2009
Central bank says it remains committed to floating currency regime
IMF’s Adrian on the big tech threat and why a ‘non-system’ works
The IMF’s financial counsellor speaks about risks from big tech’s move into fintech, the fund’s efforts to craft well-targeted policy guidance and why the current international monetary ‘non-system’ works