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Q: Why was extension of USD swap lines important to the Fed, and how
concerned are you about dollar shortages persisting?

  • A: Swap lines introduced at beginning of pandemic episode, when dollar
    funding markets were in very difficult shape. The intro of swap lines has
    restored dollar funding markets to fairly normal levels. So they kind of served
    their purpose. But we extended to facilitate planning by other central banks,
    and want them to remain in place as long as needed. Nothing going on in
    market now that raises concerns; we just want them as a backstop for markets.
MNI London Bureau | +44 203-865-3809 |
MNI London Bureau | +44 203-865-3809 |

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