A global crunch for U.S. dollars that was a hallmark of the early moments of the coronavirus crisis appears to have passed, the latest milestone in a remarkable turnaround in financial conditions engineered by the Federal Reserve and other top central banks.
FILE PHOTO: U.S. Dollar banknotes are seen in this photo illustration taken February 12, 2018. REUTERS/Jose Luis Gonzalez/Illustration
In that period, stocks plunged into bear markets at record speed, risk premiums in credit markets mushroomed and demand for greenbacks overseas well outstripped supply, making the dollar unbearably pricey for foreign governments and companies with dollar-denominated liabilities. The Fed acted swiftly to try to restore order, and along with facilities aimed at U.S.
The repo squeeze exploded onto the scene again in mid-March as state after state issued stay-at-home orders and mass closures of non-essential businesses in an attempt to control the spread of COVID-19.
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