Fed extends swap lines and warns of slowing US economy

Jerome Powell FOMC
Federal Reserve

The Federal Reserve has extended its emergency US dollar swap lines by six months for both US banks and some foreign central banks.

Both types of swap line will now run until March 31 next year, the Fed announced at the end of the July 28 and 29 Federal Open Market Committee meeting.

The FOMC made no changes to policy rates or its asset-purchasing programme, but warned the US economic recovery is slowing as Covid-19 cases increase. Fed chairman Jerome Powell said more fiscal and monetary

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