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Currency market officials say US dollar policy will become clearer as the next US President Byden is expected to appoint former Federal Reserve Board (FRB) chair Janet Yellen. , as Secretary of the Treasury. I am getting more confident.
The Trump administration has been confused by its inconsistent stance, often turning around and voicing the opposite position on the same day, as if it had raised concerns about the strength of the dollar and blinked its intervention. Successive US administrations, from Bill Clinton to Barak Obama, have held the position that hard currencies are a reflection of the strength of the US economy.
The prospect of Yeren regaining clarity on dollar policy if he becomes Finance Secretary is expected to help stabilize the foreign exchange market that supports global finance and trade.
After the administration takeover, Byden and Yeren are expected to focus on measures against the new corona virus and the recovery of the economy that was affected by the corona disaster, and it will take time to clarify the monetary politics. But some traders have high expectations.
“If Yeren is nominated, a more consistent dollar policy is likely to develop,” Ben Emmons, head of global macro strategy at Medley Global Advisors, said in a report. “When Mr. Yeren was the FRB chair, the unpredictable Federal Reserve policy strengthened the dollar. Mr. Yeren’s experience and knowledge made the situation around dollar policy better and more orderly. Could be. “
Earlier this month, former Finance Secretary Summers wrote in a public letter advising the next Finance Secretary: “It is unwise to be perceived as aggressively pushing the dollar down or indifferent to the dollar market.” He said it was time to go back to the strong dollar policy established during the Clinton administration.
Janet yellen
Original title:Yellen ends Trump Dollar Tumult promises applause in the markets (2) （抜 粋）
