Story perspectives

US, UAE Discuss New Dollar Swap, Warsh Pushes Fed-Treasury Sync

5/11/2026

Summary

Story summary

United States and the United Arab Emirates are discussing a dollar swap line.
Swap lines delivered $580 billion in Dec 2008 and $450 billion at the Covid peak.
The UAE central bank holds $300 billion in reserves and $2 trillion in assets.
Treasury Secretary Scott Bessent said the swap would help both nations.
Nominee Kevin Warsh urged Federal Reserve (Fed)–Treasury coordination and noted Jerome Powell’s term ends May 2026, with Warsh expected to succeed him.

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Story summary

United States and the United Arab Emirates are discussing a dollar swap line.
Swap lines delivered $580 billion in Dec 2008 and $450 billion at the Covid peak.
The UAE central bank holds $300 billion in reserves and $2 trillion in assets.
Treasury Secretary Scott Bessent said the swap would help both nations.
Nominee Kevin Warsh urged Federal Reserve (Fed)–Treasury coordination and noted Jerome Powell’s term ends May 2026, with Warsh expected to succeed him.