The U.S. Federal Reserve is working with other central banks around the world to ensure dollars are available to stop any liquidity issues related to the ongoing crisis in the banking sector.
The central bank on Sunday said it has extended its agreements with the Bank of England, Bank of Japan, European Central Bank, Bank of Canada, and the Swiss National Bank to provide U.S. dollar swap lines.
These agreements essentially allow the Fed to pump U.S. dollars into foreign banks by purchasing other currencies in bulk. The Fed first launched them during the Great Financial Crisis to ease strains in the global funding market.
“To improve the swap lines’ effectiveness in providing U.S. dollar funding, the central banks currently offering U.S. dollar operations have agreed to increase the frequency of seven-day maturity operations from weekly to daily,” the Fed said in a statement.
These operations began on Monday morning and will continue through April.
The Week's Top Stories is a guided tour through the biggest market stories of the week, from winning stocks to brutal dips to the facts and forecasts generating buzz on Wall Street. This week: Tupperware, Microsoft, Meta, Alphabet, Royal Caribbean, Alaska Air, Southwest and Ford.
Meta will add new retention 'hooks' to its Threads app.
Biotech firm Biogen agreed to acquire Reata Pharmaceuticals for $6.5 billion.
Gas prices have hit an eight-month high, according to AAA.
A key measure of inflation that the Fed watches closely reached its lowest level in almost two years.
Starbucks' fall menu has reportedly been leaked online.
One of Apple's earliest and rarest products, a pair of sneakers with the early logo, is being auctioned off.
A four-day work week makes employees more happier and efficient, according to a new study.
A new study of Facebook and Instagram has taken a deep dive into how the platforms have shaped peoples' beliefs.
Ford announced it would be slowing its production targets for its electric vehicle line.
