White House Knows It Needs the Fed to Make a Dent in the Dollar
- Administration staff aware Fed can opt out of FX intervention
- Trump hasn’t asked Mnuchin to intervene, talk down dollar
July 16: Trump Says Stocks Would Be Up a Lot More If Fed Didn't Raise Rates
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Donald Trump needs help from one of his favorite punching bags, the Federal Reserve, if he truly wants to take action to weaken the dollar.
The president has repeatedly brought up the idea of late. He tweeted this month that Europe and China are playing a “big currency manipulation game” and called on the U.S. to “MATCH, or continue being the dummies.” He’s made noise behind the scenes, too, lamenting to job candidates for the Fed board that the dollar’s strength could blunt economic growth.