Liquidity
Major economies already engaging in ‘currency wars’ – former IMF chief
De Larosière floats new commodity-based exchange rate regime; says “trust” is key to avoiding “beggar-thy-neighbour” policies
The dawn of a safer and sounder European banking sector
Implementation of two pillars of banking union has led to significant improvements in the safety and soundness of the European banking system
New York Fed to offer $1 trillion per day in repo funding
Move sends message the Fed stands ready to meet any increase in funding demands over coming period
Fed expands lending facility to support municipal bond market
Political pressure mounting to support local governments; senator proposes bill to broaden QE powers
Dollar crunch eases as central banks step up swaps action
Core swap recipients will offer daily dollar auctions; cross-currency basis narrows
US banks increase discount window borrowing
Federal Reserve “encouraged by the notable increase” in use of the backstop facility
Fed starts financing money market funds
US Congress overrules Dodd-Frank clause at Treasury request as Fed brings in sweeping measure
Banks rush to tap new dollar liquidity facilities
IIF warns of major capital flight from emerging markets as demand for Fed-backed repos surges
Cleveland Fed president criticises scale of rate cut
FOMC should have saved some rate cuts for US economic recovery, Loretta Mester says
Fed re-launches Primary Dealer Credit Facility in latest crisis move
New PDCF is more easily accessible than similar measure used in 2008 crisis
Fed moves to ease commercial paper strains
Commercial paper market under “considerable strain” due to coronavirus-related uncertainty, Fed says
Central banks grapple with dollar funding crunch
Indicators of stress hit highest levels since global crisis; dollar backstops may soon be tested
Bank of Mauritius launches Covid-19 response package
Bank unveils five measures designed to bring relief for businesses and keep credit flowing
The Fed can still do more – Donald Kohn
The Fed still has several tools left if economic conditions worsen, Kohn argues in blog
The Tokyo Olympics: downside risks prevail
The Bank of Japan’s latest stimulus effort seems to be weak, and comes at a time when the benefits of hosting the Tokyo Olympics may be overstated – even if the games still take place
Asian central banks rush to roll out easing measures
Japan expands asset purchases; Korea cuts rates to record low; China extends lending and HKMA cuts capital buffer
Bank of Israel unveils actions to boost market function
Repo operations and asset purchases designed to tackle high volatility
Richmond Fed paper examines use of discount window
Facility not typically used in “life or death” scenarios, researchers find
Fed cuts rates 100bp as central banks launch joint action
US central bank unveils unprecedented coronavirus response package as global swap lines are bolstered through co-ordinated action
Central banks step up liquidity support
RBA, Bank of Canada, Norges Bank and Riksbank all increase their liquidity interventions
Fed to flood repo market with up to $5.5 trillion
NY Fed unveils substantial liquidity package as analysts warn massive market disruption is possible
NY Fed increases repo operations in new bid to tackle funding squeeze
Trump announces fiscal and travel measures as Fed steps up efforts to support bank funding
Coronavirus policy responses raise financial stability threat – IMF official
Policy-makers must be alert to threat of rapid liquidation of risky assets, Tobias Adrian says
Riksbank to focus on liquidity against Covid-19
Governor Ingves says a rate cut is not the most important measure now