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Trump Wants the Fed to Weaken the Dollar. Powell Says That’s Not His Job

  • U.S. Treasury is responsible for currency policy, Powell says
  • Trump has deviated from 20 years of strong-dollar rhetoric
Jerome Powell in New York on June 25.
Jerome Powell in New York on June 25.Photographer: Cate Dingley/Bloomberg

President Donald Trump wants a weaker dollar to help boost exports, and is counting on the Federal Reserve to help make that happen. But the central bank’s chairman, Jerome Powell, has made clear it’s not his job.

It’s a new twist in the broader pressure campaign the president has brought to bear on Powell to cut interest rates to energize the stock market and fuel growth.