Could someone explain to me what does it mean?
https://twitter.com/GoldTelegraph_/status/1599796550913298432?ref_src=twsrc%5Etfw
THE BANK FOR INTERNATIONAL SETTLEMENTS IS WARNING THAT PENSION FUNDS AND OTHER NON-BANK FINANCIAL FIRMS NOW HAVE MORE THAN $80 TRILLION OF HIDDEN, OFF-BALANCE SHEET DOLLAR DEBT IN THE FORM OF FX SWAPS $80 trillion
Also this one here: https://www.reuters.com/markets/currencies/global-markets-bis-urgent-2022-12-05/
FX swap debt a $80 trillion 'blind spot' BIS says
BIS officials have been loudly calling for forceful interest rate hikes from central banks as inflation has taken hold, but this time it struck a more measured tone.
Asked whether the end of the tightening cycle may be looming next year, the head of the BIS' Monetary and Economic Department Claudio Borio said it would depend on how circumstances evolve, noting also the complexities of high debt levels and uncertainty about how sensitive borrowers now are to rising rates.
The crisis that erupted in UK gilt markets in September also underscored that central banks could be forced to step in and intervene – in the UK's case by buying bonds even at a time when it was raising interest rates to curb inflation.
“The simple answer is one is closer than one was at the beginning, but we don't know how far central banks will have to go,” Borio said about interest rates.
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