Where I (1) claim Fed has effectively opened up branch offices across the world, (2) put to bed fears of the dollar losing its dominance, (3) shoot down worries about inflation all in one article! nationalreview.com/2020/05/inflat…
On Fed "branch banking", the Fed expanded its dollar swap lines and opened up the FIMA facility. The implications, IMO, are big for dollar demand abroad: (2/x) 
The Fed's backstopping of most major markets is also hugely consequential for foreign demand of dollar asset issued from the United States: (3/x)
The implications of these developments is an intensification of the dollar dominance challenges, something others like @michaelxpettis have noted before. My point, though, was to counter those worrying about inflation: (end)
