The Fed's dollar swap lines being pulled by major central banks
Well, they aren't really much in use at all in recent months and this was more of a stop-gap measure last year to address the rush into dollars when the market was panicking over the virus crisis (sell everything mode) at the time.
In view of the sustained improvements in US dollar funding conditions and low demand at recent US dollar liquidity-providing operations, the Bank of England, the Bank of Japan, the European Central Bank and the Swiss National Bank, in consultation with the Federal Reserve, have jointly decided to discontinue offering US dollar liquidity at the 84-day maturity. This operational change will be effective as of 1 July 2021. The auction schedule until 30 June 2021, as already published, remains unchanged. From 1 July 2021 onwards, these central banks will continue to hold weekly operations with a 7-day maturity.
Full statement can be found here.
