Reuters - The news has seen the dollar jump, equities rally and bonds sell-off. Despite reports that the Fed was soon to announce new measures, the market was caught leaning the wrong way. In the bigger picture, is unclear whether this will prove sufficient, but it does demonstrate the Fed's resolve. Although the swap lines and separate announcements by other central banks will cast an air of coordination around today's announcement, the fact is that the ECB and SNB have plenty of dollars to use of their own if they wanted to, which was the point made in Dec by at least one Fed official. Thus it is still a US-led operation.
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