Heard on the Street: Banks are beginning to tap the Fed’s emergency dollar-funding source. But many other countries may need support. Failure to offer it will ripple back to the U.S.
The Federal Reserve eased the terms on which it provides currency swaps to five major global central banks on Sunday. That was a good start. But to stave off the risk of dollar-funding markets seizing up, more help is needed for a broader range of countries. Emerging markets look particularly vulnerable.
Signs of stress have emerged again in cross-currency basis-swap markets—a key dollar-funding tool for foreign borrowers. These allow borrowers with easy access to foreign-currency debt to swap their loans and their streams...
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