# Federal Reserve Made No FX Intervention in Q3 as Dollar Swaps Ended at $207 Million By Riza Dagoc Canonical URL: https://www.tokenpost.com/news/regulation/56852 Published: 2026-11-13T15:47:10.000Z Updated: 2026-11-13T15:47:10.000Z Section: Regulation > Dollar swaps with foreign central banks totaled $207 million on Sept. 30, down from $250 million three months earlier. The figures are quarter-end balances, not quarterly lending totals. The Federal Reserve made no foreign-exchange intervention in the third quarter, while dollar liquidity swaps ended Sept. 30 at $207 million, leaving the period’s Fed operations separate from Treasury’s July yen trade. Outstanding dollar swaps with foreign central banks totaled $250 million on June 30 and $207 million on Sept. 30. At quarter-end, balances were with the European Central Bank and the Bank of England; the Bank of Japan had none. These are quarter-end balances, not cumulative lending during July-September. Dollar liquidity swaps allow a foreign central bank to exchange its currency for dollars and later reverse the transaction at the same exchange rate. Treasury’s July 31 yen purchase was a separate operation: The New York Fed bought ¥79.4 billion in the spot market as Treasury’s fiscal agent, while Treasury sold euros from its Exchange Stabilization Fund. The [July 31 Treasury yen purchase and euro sale]() was separate from Federal Reserve intervention. The figures contain no Bitcoin (BTC) flow data and do not establish current yen-funded deleveraging, margin calls or forced BTC sales. ## Links in this article - [July 31 Treasury yen purchase and euro sale](https://www.tokenpost.com/news/regulation/56224)