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Yellen Says Strong Dollar Understandable, Concern for Others

  • Biden administration is committed to ‘market-determined’ rates
  • Treasury secretary delivers press briefing before G-7 meeting
Updated on

Treasury Secretary Janet Yellen said that it’s understandable the dollar has appreciated amid rising US interest rates, and that these gains have posed a concern for some other countries.

“From the standpoint of the administration, we’re committed to a market-determined exchange rate,” Yellen said at a press briefing in Bonn, Germany, on Wednesday. “It’s understandable that the dollar has risen” as higher US interest rates spur capital toward the greenback, she said. She also cited “safe-haven” flows amid highly uncertain times.