The US Federal Reserve and other major central banks announce a coordinated effort to improve banks' access to liquidity, hoping to calm worries rattling the global banking sector
Markets have been riled by the failure of Silicon Valley Bank and fear of a shortage of liquidity as interest rates are raised to fight inflation.
The announcement came hours after Switzerland brokered the UBS takeover of its troubled Swiss rival Credit Suisse. "The network of swap lines among these central banks is a set of available standing facilities and serve as an important liquidity backstop to ease strains in global funding markets, thereby helping to mitigate the effects of such strains on the supply of credit to households and businesses," the statement added.
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