Deutsche Bank has issued a warning regarding the potential risks to the U.S. dollar’s status as a global reserve currency, citing concerns over the reliability of the Federal Reserve’s liquidity backstop, particularly its dollar swap lines. In light of informal discussions among European central banking officials about the Fed’s commitment to providing support during market stress, Deutsche Bank analysts suggest that any withdrawal of this liquidity could trigger significant de-dollarization efforts among U.S. allies. They argue that doubts about the Fed’s role as a reliable lender of last resort could lead to reduced foreign ownership of U.S. assets and a broader weakening of the dollar’s position in the global financial system. The note highlights the geopolitical tensions under the Trump administration as a contributing factor to these concerns, emphasizing the potential for severe consequences if trust in U.S. financial institutions continues to erode.

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