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Yellen and US dollar diplomacy
The US Treasury takes the government’s lead on currency policy. A Treasury led by former Federal Reserve Chair Janet Yellen has much to do in shoring up US exchange rate policy. President Trump’s currency policy has been confusing. His administration talked down the dollar while pushing it up through an imbalanced policy mix and harmful trade actions. It undermined Treasury’s lead role and used unilateral financial sanctions so aggressively that US allies began questioning the dollar’s global role. The administration’s emphasis on bilateral trade accounts and protectionist tariffs failed to recognise that ... (full story)