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Federal Reserve: Federal Reserve will be ‘very cautious’ on currency swap to avoid ‘catastrophic consequences’

The Federal Reserve is expected to begin a swap program that could potentially create havoc for the economy, and could lead to a global panic, CNBC reported Thursday.

The Reserve will use its balance sheet to swap dollars for the dollar, a move that could cause the U.S. to lose hundreds of billions of dollars, CNBC said.

The Federal Open Market Committee (FOMC) is expected at its meeting on Feb. 16 to set monetary policy.

The FOMC has been considering the swap program since last fall, when it signaled a preference for a $50 billion cash swap.

A Fed spokesman declined to comment.

The U.K. central bank is also expected to be cautious, CNBC added, saying it would not be willing to use its reserve requirement to buy dollars at a massive loss if the United States were to do so.

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