Moreover, as I have previously emphasized, macroeconomic risk refers to the elevated probability that a financial disruption could lead to an adverse feedback loop in which economic activity declines, leading to even greater uncertainty about asset values that worsens the financial  8  As part of a coordinated operation, the Bank of England and the Bank of Canada each conducted similar operations in their own currencies, while the European Central Bank and the Swiss National Bank extended credit in U.S. dollars amounting to $ billion and $ billion, respectively.
These dollars were obtained from the Federal Reserve through currency swaps, that is, two-way lines of credit in which each central bank agrees to lend the other up to a fixed amount in its own currency.