The Trials of Jerome Powell’s Dollar

It’s not fashionable today to talk about exchange rates at the Federal Reserve or most university economics departments, but one economic story that’s been underreported lately is the rapid rise of the dollar. This is a challenge for Fed Chair Jerome Powell’s fight against inflation, but it’s also an opportunity for politicians who want to show they take inflation seriously.


The strength of the dollar can no longer be ignored. It hit a 20-year high against the Japanese yen on Monday as the yen neared 127 yen-per-dollar. Some traders believe it could reach ¥130. (The higher the rate, the weaker the yen.) The euro has fallen below $1.08 in recent days from a one-year high above $1.20 last May, and parity with the dollar is a possibility. The British pound is trading near $1.30 after over $1.40 last year. The Trials of Jerome Powell’s Dollar

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