Financial Digest

Fed coordinates with global banks to to ease dollar-funding as banking crisis intensifies

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The Federal Reserve and a quintet of global central banks on Sunday announced a coordinated effort to ease a fast-growing banking crisis, in the hours after...

The Federal Reserve and a quintet of global central banks on Sunday announced a coordinated effort to ease a fast-growing banking crisis, in the hours after UBS announced a historic, emergency merger with troubled Credit SuisseCS . The central bank, including the Bank of Japan, Bank of Canada, Swiss National Bank and the European Central Bank, said it would increase the cadence of of seven-day maturity to daily from weekly operations.

The central bank, including the Bank of Japan, Bank of Canada, Swiss National Bank and the European Central Bank, said it would increase the cadence of of seven-day maturity to daily from weekly operations. Such measures are invoked during periods of market stress to ease access to dollars by international trading partners. Many global debt is denominated in U.S. dollars DXY and the currency can strengthen amid a rush for greenback.

 

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