Inside the Dollar Backstop | How Fed Swap Lines Tier the Global Financial System

A central-bank swap line is not one facility but a hierarchy of dollar access. Where a sovereign sits in that hierarchy has quietly become a read on alliance, integration, and funding resilience — which is why reserve-rich states are now queuing to get in.

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The Japanese Carry Trade | Why Japan’s Hike to 1% Erodes the Funding but Hasn’t Flipped the Flow