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- Treasury nominee Janet Yellen to say U.S. does not seek weaker dollar
Treasury nominee Janet Yellen to say U.S. does not seek weaker dollar
The Wall Street Journal reports that Janet Yellen is expected to affirm the U.S.’s commitment to market-determined exchange rates when she testifies on Capitol Hill Tuesday, and she will make clear the U.S. doesn’t seek a weaker dollar for competitive advantage.
The remarks would represent a return to the U.S.’s hands-off approach to the dollar, which President Trump had deviated from by often publicly calling for a lower dollar.
If asked about the new administration’s dollar policy, officials responsible for briefing Ms. Yellen said she is prepared to say, “The value of the U.S. dollar and other currencies should be determined by markets. Markets adjust to reflect variations in economic performance and generally facilitate adjustments in the global economy.”
Ms. Yellen is also expected to say the intentional targeting of exchange rates to gain an unfair advantage in trade is unacceptable.
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