Federal Reserve Bank of the United States Announces Extension of Lending Facilities Till December 2020

Federal Reserve Bank of the United States Announces Extension of Lending Facilities Till December 2020

On Tuesday, the US Federal Reserve confirmed it had agreed to extend its lending facilities, which were due to expire on or around September 30 through December 31.

“The three-month extension will promote preparation by future participants in the facility and provide assurance that the facilities will remain open to help the economy rebound from the COVID-19 pandemic,” the Fed explained in its press release.

The lending facilities of the Board have established a vital backstop, stabilizing and substantially improving the functioning of the economy, and facilitating the flow of credit to individuals, enterprises, and state and local governments.
Market Reacts as US Dollar Lean on Data
Following this news, the US Dollar Index drifted marginally lower and was last seen rising just 0.05 percent on the day at 93.70. So far, the index is reversing a negative 6-session streak including fresh 2-year lows on Tuesday in the 93.50 zones.

The greenback seems to be supported in the risk complex on Tuesday following the profit-taking mood, all in reaction to the strong gains reported in past weeks.

However, the recovery of the dollar is expected to be short-lived and somewhat constrained, as the wider patterns in risk appetite tend to favor inflows into riskier assets, often against the backdrop of the reflation trade, optimism ahead of corporate earnings and coronavirus vaccine expectations.

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