Christian Chavagneux (@chrisaltereco.bsky.social)

As a rule, it’s not a good sign when officials start talking about deploying central bank swap lines. It usually happens when the dollar is screaming higher and there’s a shortage of greenbacks in the system. Not so now. The dollar is steady — edging lower, in fact, after its modest March ascent. https://ep.ft.com/permalink/emails/eyJlbWFpbCI6ImNjNTIwYTgzNzRlZjRiZjliYzYwZWM1NjkyNjYzNDRiZWI4NjU2OWUwYzhlNWE4NTFhMzM5MjM3MDU2NDM1YTBmNzQ0MGFjMmRhYTdlYSIsICJ0cmFuc2FjdGlvbklkIjoiMzU0MzI3MTQtNDkxMC00ZDc3LWFhN2UtNzM0MDAyMmUxMDRjIiwgImJhdGNoSWQiOiI0YmFmMTY0ZS1iYjNhLTQ2OTctOTVlZi1jNDQ1NzRmNzY0YTkifQ==