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AXIOS (Neil Irwin) - How a swap line for Persian Gulf allies would break with the past Fri Apr 24 17:40:05 2026

If the United States gets into the business of providing dollar liquidity to the United Arab Emirates and other Persian Gulf states battered by the Strait of Hormuz's closure, it will amount to a novel use of an old power. The big picture: The Federal Reserve used swap lines with foreign central banks as a key tool to calm global financial disruptions in periods of stress, starting in the early days of the global financial crisis in 2007. They were driven by Fed leaders' belief that dollar funding shortages worldwide risked blowing back to the U.S. banking system and economy. - The potential use to backstop Gulf states carries a more explicit geo-strategic role: seeking to reward and bolster key allies in the region. - Kevin Warsh, in…

If the United States gets into the business of providing dollar liquidity to the United Arab Emirates and other Persian Gulf states battered by the Strait of Hormuz's closure, it will amount to a novel use of an old power. The big picture: The Federal Reserve used swap lines with foreign central banks as a key tool to calm global financial disruptions in periods of stress, starting in the early days of the global financial crisis in 2007. They were driven by Fed leaders' belief that dollar funding shortages worldwide risked blowing back to the U.S. banking system and economy. - The potential use to backstop Gulf states carries a more explicit geo-strategic role: seeking to reward and bolster key allies in the region. - Kevin Warsh, in…Open

NYTIMES (Ivan Nechepurenko) - As Putin Orders That the Economy Be Fixed, Russia Grasps for Solutions Fri Apr 24 17:40:01 2026

Another interest-rate cut highlights the narrowing path for the country’s central bank amid the strains of immense wartime spending.