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IMF writes off an estimated $214m of debt for poorest countries .. yup millions not billions. But this is just preliminary to bigger deal later this week. @Jonthn_Wheatley
https://t.co/fMSU2pQubx
Remember Ben Bernanke as superhero? I have been worrying how long it will be before Jerome Powell gets the same treatment … well wonder no longer! Arise Jerome Superman ….
The new @BIS_org bulletin is out with more pertinent analysis from @HyunSongShin and team. Highly recommended read. H/t @Brad_Setser of course.
https://t.co/3GPywVLP2J
Middle-Income MENA nations have taken strong action to contain corona, the question is whether their fragile finances will hold up. @cornishft @hebamks
https://t.co/HcfUZ02Giq
As the Eurogroup squabbled over a fiscal response to the corona crisis, Mario Draghi’s house was on fire … LITERALLY.
All well. Sounds like a minor incident. But ….
You could not make this s*** up!
https://t.co/e07FXigOXd
It is VERY unusual for 30 year agency mortgage rates to diverge from Treasury rates. On the liquidity stresses in American mortgage backed securities markets and the Fed reaction this is very good. @maxseddon Matt Jones. https://t.co/G1VssxEzo7
The Fed’s interventions stopped and reversed a panic in America’s market for municipal debt which is crucial for financing local gov, infrastructure & hospitals. @ArborResearch via @SoberLook
Unlike in 2008 we have had good harvests of wheat and rice. But precautionary stockpiling and export bans could create bottlenecks. This is how wheat flows through the global economy.
@EmikoTerazono @hebamks @JohnReedwrites
https://t.co/5jutaxQcMk
Even before the pandemic, many developing countries were struggling to service their debts despite the world’s historically low interest rates.
Zambia, Tunisia, Bahrain and Argentina already in deep trouble.
@SteveJohnson000
https://t.co/GAPrCn7pgh
Crashed to Corona 3: The Fed Beyond Swap Lines
Another weekly round up on the dollar liquidity front featuring work by
@Brad_Setser
@RobinBrooksIIF
@BIS_org
@BJMbraun
@NickTimiraos
@DanielaGabor
@Neil_Irwin
https://t.co/kzSeNwYVAl