Bessent cast the Fed's FIMA repo facility being used for currency intervention as a routine tool being applied as intended. On CNBC on Tuesday, he said the Fed's lending programs exist "to protect the U.S. economy and to keep any volatility offshore." The $60 billion cap dates to 2020, when the bond market was smaller, so upsizing it would be "reasonable." He called FIMA "a completely secure lending facility," no different in substance from a swap line, and said it "was set up for occasions just like this."(Nick Timiraos)