Fed announces international coordinated liquidity international action

Federal Issues Federal Reserve Covid-19

On March 20, the Federal Reserve Board announced a coordinated action with the Bank of Canada, the Bank of England, the Bank of Japan, the European Central Bank, and the Swiss National Bank “to further enhance the provision of liquidity via the standing U.S. dollar liquidity swap line arrangements” To achieve this, the central banks have agreed to increase the frequency of 7-day maturity operations from weekly to daily starting March 23 and continuing through April. The central banks also will continue to hold weekly 84-day maturity operations.