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Strategies & Market Trends : Currencies and the Global Capital Markets
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To: Lee who wrote (3005)2/12/2001 10:26:54 AM
From: Robert Douglas  Read Replies (2) of 3536
 
One of the benefits of a rate reduction is it will stimulate globally as other countries may follow suit. This should increase consumption of US goods.

Hi Lee,

Thanks for reminding me of another critical reason the Fed needs to act promptly and that is the international scene. Did you notice that recently when some sluggish economic news and rate cuts occurred abroad how the U.S. dollar gained sudden strength? Foreign central banks have had to keep rates too high in order to protect their currencies against a predatory dollar. Since it is they that must make up for lost U.S. demand, it is critical that they be allowed to stimulate demand by lowering their interest rates. But the U.S. must take the lead in rate reductions or these countries won't cut in fear of debasing their currencies.
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