Global markets have rarely seen the volatility they endured in March, but in recent days a degree of calm has returned. One big reason is the Fed's quiet role in extending liquidity lifelines to countries around the world, essentially doing for them what central banks everywhere are trying to do for their own economies. Elsa Lignos, RBC's Global Head of FX Strategy, explains how the Fed restored temporary calm – and what lies ahead for markets that are still in the depths of a global pandemic.

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