Fed Liquidity Swaps

Late last year the Fed reinitiated liquidity swaps with foreign central banks (read: Europe).  If memory serves, the move was good for a 3%+ rise in the S&P 500.  Now that the crisis in Europe is slowing down for the moment, these swaps have been rolling off the Fed's balance sheet.  The swaps did rise slightly last week, but below is a chart showing the progress of the withdrawal.