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The dollar soared last week as a collapse of equity markets and disruption even to sovereign bond markets unveiled a large shortage of dollars. This shortage was seen in the spread of onshore and offshore dollar rates and in the cross-currency basis swaps. The strain seems less evident in the use of the swap lines that the Federal Reserve has in place with several major central banks. The usage was an inconsequential $58 million. The shortage of funding was also not obvious in the response to the Fed's repo operations. Banks took less than $125