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Fed creates new set of U.S. dollar swaps with five major central banks to ensure stability of global financial system
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The move aims to maintain favorable funding conditions amid rising concerns about the financial system's health
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The Federal Reserve enhances frequency of swap lines with central banks to offer access to U.S. dollar funding
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Swap lines serve as an important liquidity backstop to ease strains in global funding markets, helping to mitigate effects on credit supply to households and businesses
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UBS acquires Credit Suisse for approximately $3 billion in all-share deal, receiving $9 billion Swiss francs backstop for unrealized losses at Credit Suisse