Heard on the Street: Allowing foreign central banks to access the Fed’s repo facilities is effectively cost-free, benefits American lenders and borrowers, and cements the dollar’s dominance
“They must lend to merchants, to minor bankers, to ‘this man and that man,’ whenever the security is good. In wild periods of alarm, one failure makes many, and the best way to prevent the derivative failures is to arrest the primary failure which causes them,” said British journalist Walter Bagehot in 1873, illustrating how central banks should behave during periods of financial panic.
Late on Tuesday, the Federal Reserve, which didn’t exist at the time of Bagehot’s magnum opus, came a step closer to the “this man and that...
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