Trump asked aides to find ways to weaken the U.S. dollar
-- President Donald Trump has grown concerned that the strengthening U.S. dollar is a threat to his economic agenda and has asked aides to cast about for ways to weaken the greenback, according to people familiar with the matter.
The president’s questioning of Waller and Shelton follows months of Trump hectoring the Fed to cut interest rates, a move that would have the effect of weakening the dollar. But beyond regular scolding of the central bank and its chairman, Jerome Powell, Trump hasn’t taken steps to reduce the greenback’s buying power.
The Federal Reserve is mandated by Congress to seek maximum employment, stable prices and moderate long-term interest rates. The White House press office didn’t respond to a request for comment, and a Treasury spokesman declined to comment. The greenback has gained ground against currencies of many other major world economies in 2019. While the Bloomberg dollar index is roughly unchanged on the year, a Fed trade-weighted measure of the U.S. currency is not far below the strongest since 2002, underscoring the headwinds American exports face overseas.Trump appears poised to treat the strong dollar as a scapegoat should the economy falter before his re-election. In that, he is not alone on the campaign trail.
Trump has placed blame for the strong dollar squarely on Powell. White House officials say the dollar is too strong because the Fed has kept rates too high, which is why Trump expects the Fed -- and not Mnuchin -- to weaken the greenback. “Although it would be highly unusual for a U.S. government to attempt further measures to weaken the dollar, it is not beyond the realms of possibility that the Trump administration will try,” Jane Foley, head of currency strategy for Rabobank, wrote in a July 5 note to clients.
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