Yellen Faces ‘Currency War’ Redux as Strong Dollar Ditched
Bloomberg 1/29/2021 Saleha Mohsin and Liz Capo McCormick
(Bloomberg) Treasury Secretary Janet Yellen faces one more headache on an agenda packed with everything from Covid-19 relief to addressing inequality and overhauling tax policy: tensions over foreign-exchange intervention.
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The dollar has tumbled 13.1% from its high last March, thanks in part to historic moves by the Federal Reserve to pump liquidity into the financial system and pull down American borrowing costs. While policy makers abroad at first benefited from U.S. action to stave off a global credit crunch, the appreciation of their currencies more recently threatens to curtail their own recoveries. So from Europe to Thailand to Chile, officials have laid out plans for sustained intervention.
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President Trump’s exit strategy was clear: Cast doubt on the election result before retiring to his Florida estate to embark on a new chapter as Republican power broker and media star while teasing a triumphant return to office in 2024.
But the violent attack on the United States Capitol and Trump’s role in denying Joe Biden’s election victory have destroyed his chances of running for president again, according to Trumpworld insiders.
The ugly scenes have already had an impact on fundraising. The Trump campaign has not issued an email appeal for cash since 1 p.m. on Wednesday, shortly before the president’s supporters battered their way inside the Capitol building.
Bye, bye, Ted Cruz, Josh Hawley and Donald Trump, one of the president s top campaign bundlers said, also mentioning the two Republican senators who led objections to Joe Biden s Electoral College victory. He s done, the person added, referring to Trump.
A former White House official, who worked with business leaders while in the administration, was just as blunt when asked whether corporate figures would side with Trump after Wednesday s riot, which the president incited.
These people declined to be named out of a fear of retribution. A small man, unloved as a child and filled with raging self-hate, secured his place as the worst president in United States history yesterday by inciting insurrection against the U.S. constitutional government, Sumerlin wrote in the note reviewed by CNBC. He will be joined in the history books by two treasonous Senators, Cruz and Hawley, both former clerks of the Supreme Court.