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Stefan Gleason: As Fed disappoints, will Trump try currency intervention?
By Stefan Gleason
Money Metals Exchange, Eagle,Idado
Thursday, August 1, 2019
Following months of cajoling by the White House, the Federal Reserve finally cut its benchmark interest rate. However, the reaction in equity and currency markets was not the one President Donald Trump wanted -- or many traders anticipated.
The Trump administration wants the Fed to help drive the fiat U.S. dollar lower versus foreign currencies, especially those of major exporting countries.
... Dispatch continues below ...
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Instead, the U.S. Dollar Index rallied throughout July ahead of the expected rate cut and continued rallying after Fed chairman Jerome Powell made it official on Wednesday.
In fact, the Federal Reserve Note broke out to its highest level since early 2017.
The Fed also announced it would end its balance sheet reduction program a month earlier than originally scheduled.
These dovish policy changes apparently weren't dovish enough. ...
... For the remainder of the commentary:
https://www.moneymetals.com/news/2019/08/01/currency-intervention-trump-...
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