Heard on the Street: The Fed’s emergency dollar swaps have done their job to prevent a market plunge from turning into a full-blown funding crisis at foreign banks
Usage of the Federal Reserve’s liquidity swaps—which helped keep greenback-hungry banks around the world stay liquid this spring—seems to have passed its peak for now. The program’s success should provide a crumb of solace in any future market blowups.
On Wednesday, the outstanding amount of swaps provided under the program the Fed initiated in March fell to $352.6 billion from $444.52 billion the previous day as a wave of swaps matured and weren’t renewed. The fall in the European Central Bank’s outstanding use of the dollar...
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