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The Fed starts a new program to provide US dollars to central banks and calm the $5 trillion currency market
The Federal Reserve aims to further ease market stresses with a new repurchase agreement, or repo, facility aimed at serving foreign demand for the US dollar. The Fed announced Tuesday it would open the pool for central banks abroad to swap US government bonds for dollars. Foreign monetary authorities with existing accounts at the Fed's New York branch will be able to use the facility starting April 6. The repo pool will be available for at least six months, the Fed added. "This facility should help support the smooth functioning of the US Treasury market by providing an alternative temporary source of US ... (full story)
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