The Fed's Fear of Fed Sanctions

I think there's tremendous fear in the market and they should be afraid. We're heading into a world where, you know, we might escalate into more on conflict, wider conflict. So it makes sense for me to see financial market participants basically panic into safe assets. And Francis, how likely do you think that this could cause funding stress? I know earlier we talked about the potential of the Fed having to extend dollar swap lines to other central banks. In what scenario would the Fed have to do that? Why would the system become under stress? Well, I think it's one of these kind of flow things about what we're doing is disrupting the flows of funds.