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Federal Reserve policymakers have pushed back on the idea that U.S. financial market stress is anywhere near the point of requiring their intervention as is happening in Britain, but the central bank does have a range of options should domestic market conditions worsen materially.
A next step may simply be more pointed talk, Yale Program on Financial Stability senior research associate Steven Kelly explains, “going out and telling the markets that, while the markets may sell off as the Fed tightens, the Fed is willing to use all its tools to accommodate an orderly tightening.”
For smaller central banks without permanent swap lines, the Fed offers a repurchase agreement, or repo, facility as a ready way to borrow cash against their holdings of Treasuries. It hasn’t seen significant use in a year and a half.
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