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As dollar woes get worse, why don't the Fed's swap lines work? Let's answer that question.

Eurodollar University

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Primary Credit and Discount Window Doesn't Really Work the Way You Think It Does

Primary credit and discount window doesn't really work the way you think it does. The Fed incentivizes other banks who are having no trouble funding to go to the discount window, access a little bit cheaper funding or access a relatively decent funding there. Citibank was one of those banks doing exactly that at the behest of the Federal Reserve.

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