The US dollar is strengthening. Here’s what’s driving the rally and what it means for Americans
CNN
The mighty US dollar flexed some muscle last week in a positive sign for Americans’ purchasing power.
The mighty US dollar flexed some muscle last week in a positive sign for Americans’ purchasing power. The US dollar index, which measures the currency’s strength against six of its peers, closed Tuesday at 106.26, its highest level since early November. The US economy’s remarkable strength is a big reason behind the dollar’s rally over the past week. The latest data on retail spending released Tuesday showed that Americans continue to open up their wallets, and other figures released earlier this month show the US job market remains solid and the country’s manufacturing sector is expanding. Federal Reserve officials have said that the economy’s resilience means they can hold rates steady at a 23-year high as they wait for more evidence that inflation is headed toward their 2% target. The central bank cuts rates if it’s clear that the economy is contracting, since it’s also responsible for maximizing employment in addition to stabilizing prices. But there are signs that inflation’s cooling has stalled. March was the third straight month of hotter-than-expected inflation readings. Inflation overall has recently been pushed up by climbing gas prices and stubbornly elevated housing costs. Fed Governor Michelle Bowman suggested in a speech Wednesday that the central bank may need to hike rates again or push the first rate cut further out since there “is a lot of financial market activity and a lot of continued growth that we wouldn’t have expected if policy was sufficiently tight.”
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