Mnunchin says his dollar policy isn't aimed at jawboning it lower


By Brendan Murray and Randy Woods
Bloomberg News
Tuesday, January 30, 2018

The U.S. currency policy used to be just a few words: A strong dollar is in the country's best interest. It's become more of a mouthful under Treasury Secretary Steven Mnuchin, who wonders why he's misunderstood.

"Let me be very clear: I absolutely support a strong dollar as being in the long-term best interest of the country, and I strongly support -- we have a free currency market that we don't intervene in and have relied upon the most liquid market in the world," he said in testimony today to the Senate Banking Committee. "So the short term is not a concern of us."

With that comment Mnuchin tried to resolve an issue that has roiled currency markets in recent days. Today Mnuchin recounted to lawmakers how in Davos, Switzerland, last week he gave a press briefing and delivered a three-part comment "that was extremely balanced and very specific," adding that it was "not anything new." ...

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