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Fed coordinates with global banks to to ease dollar-funding as banking crisis intensifies

Ultraprocessed foods such as soda, microwaveable food and salty snacks linked to an array of cancers, according to study of 197,000 people

The Federal Reserve and five global central banks on Sunday announced a coordinated effort to ease the fast-growing banking crisis, hours after ( UBS ) announced a historic emergency merger with troubled Credit Suisse ( CSGN.EB ). Central banks, including the Bank of Japan, the Bank of Canada, the Swiss National Bank and the European Central Bank, said they would increase the rhythm of seven-day maturities to daily from weekly operations. Such measures are applied during periods of market stress to facilitate access to dollars by international trading partners. Many global debts are denominated in US dollars and the currency may appreciate amid the rush for dollars. The last time central banks adopted such measures was at the beginning of the pandemic in 2020. The moves came after UBS said it would pay Credit Suisse for 3 billion francs ($3.25 billion), or 0.76 francs per share, in an all-stock deal, the bank said on Sunday. The Wall Street Journal says the deal between the Swiss financial giants is the first such combination of systemically important global banks since the 2008 financial crisis, when institutions across the banking landscape were split up and paired with rivals, often at the behest of regulators.

– Mark DeCambre

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(END) Dow Jones Newswires

03-19-23 1808ET

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