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The Clear Message from the Bush Administration
Last Tuesday, Federal Reserve Chairman Ben Bernanke breaks from tradition and talked about currencies. He drew links between the weaker dollar and higher import costs and consumer price inflation. His cohorts including Fed President Geithner confirmed that the central bank is paying “very close attention” to the value of the dollar. Last night, he reminded the markets night that inflation is the central bank’s top priority.
On Monday, US Treasury Secretary Paulson said that he would not rule out any policy tool including currency intervention.
Last night, on Airforce One, President Bush told The Times of London that “we want the dollar to strengthen”
Even though I do not believe that the Bush Administration will resort to currency intervention, Washington is getting very concerned about the dollar and clearly, want it to rise.