ECB, SNB, BOE announce change to Fed swap lines

he major central banks mentioned will reduce the frequency of operations

The change will see the 7-day operations be reduced from daily to three times per week, while the 84-day operations will continue to be offered on a weekly basis.

For some context, these measures were what helped to calm the market down by helping to secure enough dollar liquidity to prevent a liquidity crunch from turning into a real credit crunch back in late March. This was the Fed announcement at the time.
The next few weeks/months is going to be interesting as more and more central banks are weaning themselves off these swap lines and that will see some liquidity insurance sapped out of the market.

ICYMI, the Bank of Korea also announced earlier that they won’t holding any more auctions to provide dollar loans using the Fed swap line past the end of the month.
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