dollar peter navarro trade Trump yen

One Bank Warns: “Bad Trump Dominates The News”

But as far as markets are concerned, the new administration's FX policy is just as crazy. In fact, that statement is itself crazy. That is, the fact that the new administration has a discernible "FX policy" is nuts. And this isn't some "well it would be nice if..." kind of thing.

Donald Trump's immigration policy has gotten most of the press attention in recent days - and deservedly so. It's nuts. Racist. Pointless. Possibly unconstitutional. Maybe illegal. Probably the brainchild of a clearly unhinged, right-wing (and not the Paul Ryan good kind of right-wing) propagandist. The whole nine yards. But as far as markets are concerned, the new administration's FX policy is just as crazy. In fact, that statement is itself crazy. That is, the fact that the new administration has a discernible "FX policy" is nuts. And this isn't some "well it would be nice if..." kind of thing. The Trump White House is pretty clearly intent on implementing its FX policy via jawboning first and by God only knows what means next. The verbal intervention started in earnest a few weeks ago with Trump's "throw away" comments in the Wall Street Journal. Those comments, much like a lot of what Trump said on the campaign trail, are looking less and less like "throw aways" and more and more like policy commitments. Tuesday's rants from both Peter Navarro and Trump himself underscore this point (more here and here). It's also becoming increasingly clear that no one is going to be sp
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