Size of swap lines and reporting requirements prompt questions, Lawrence Lepard notes - Traders Union
Size of swap lines and reporting requirements prompt questions, Lawrence Lepard notes - Traders Union
Source: Traders Union
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DW NOTE
The Fed's swap line network ballooned to $580 billion during March 2020 with zero real-time disclosure and accounting standards that would embarrass a municipal water district. Lepard is correct to ask. When central banks can conjure dollar liquidity for foreign institutions with no congressional appropriation and minimal reporting lag, you don't have monetary policy—you have a diplomatic slush fund dressed up as crisis management.