Fed becomes (admits that it is) de facto world central bank

(From Bloomberg)

“To the Federal Reserve’s credit, it is playing the role of central banker to the world rather than denying it and trying to ward it off,” said former Fed official Ted Truman, who is now a senior fellow at the Peterson Institute for International Economics in Washington.

The Fed is trying to prevent a liquidity squeeze amid a worldwide rush into dollars, as the virus wreaks havoc on a global economy that is heavily dependent on the greenback as its linchpin.