The issue, as he identified it, was not that the dollar’s fundamentals are weak, but that they’re too strong. Even as the U.S.’s share of worldwide gross domestic product steadily shrinks, the dollar’s share of global transactions has only grown. This mismatch proves dangerous when, in the process of fulfilling its domestic mandate, the Federal Reserve makes moves that have huge ripple effects around the world.
This story is from the June - July 2020 edition of Bloomberg Markets.
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This story is from the June - July 2020 edition of Bloomberg Markets.
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