Economics
Yellen Ending Trump Dollar Tumult Promises Cheers in Markets
- Trump administration often contradicted itself on greenback
- Currency markets welcome stability around strong-dollar policy
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Now that President-elect Joe Biden has picked Janet Yellen as his Treasury secretary, currency markets are growing more confident that the U.S. government’s policy for the dollar will be more clear.
Donald Trump’s administration conjured chaos about the greenback, one moment threatening to intervene or otherwise fretting about the currency’s strength, then -- often on the same day -- taking a contradictory stance. From Bill Clinton’s administration through Barack Obama’s, the federal government adhered to the position that a strong currency is a reflection of the strength of the U.S. economy.