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Fed will 'temporarily' monetize foreign-held U.S. Treasuries
Fed Sets Up Scheme to Meet Booming Foreign Demand for Dollars
By James Politi, Brendan Greeley, and Colby Smith
Financial Times, London
Tuesday, March 31, 2020
The Federal Reserve has taken a new step to meet the global demand for dollars, setting up a facility that would allow central banks and international monetary authorities to enter into repurchase agreements with the U.S. central bank.
The Fed said the new facility would work in tandem with the dollar swap lines already established by the central bank with its peers across 14 different countries as the coronavirus pandemic has spread across the world.
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As investors have flocked to safe assets and companies have scrambled to offset the blow to revenues from widespread economic shutdowns, they have pushed the greenback's value sharply higher, leading to a global shortage of dollars that has destabilised emerging markets.
"This facility should help support the smooth functioning of the U.S. Treasury market by providing an alternative temporary source of U.S. dollars other than sales of securities in the open market," the Fed said in a statement.
The temporary facility for foreign and international monetary authorities, or FIMA, will allow foreign central banks and international organisations with accounts at the New York Fed to "temporarily exchange their U.S. Treasury securities held with the Federal Reserve for U.S. dollars, which can then be made available to institutions in their jurisdictions," according to the statement. ...
... For the remainder of the report:
https://www.ft.com/content/6c976586-a6ea-42ec-a369-9353186c05bb
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http://www.gata.org/files/GATA-4-wine-bottles.jpg
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