U.S. Fed Signals Support, Concern for Europe

Late last month, the Federal Reserve announced that it was authorizing the extension of temporary credit lines, or “currency swaps,” with major foreign central banks through August. While five economies are included in the extension, it is the Fed’s credit line to the European Central Bank (ECB) that is the most significant in light of Europe’s continued debt woes. The decision to extend the currency swaps, which were initially scheduled to expire in January, suggests that the Fed isn’t counting on 2011 to be free of international financial distress, and that it remains prepared to throw its resources behind any […]

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