Jeff Snyder
π€ SpeakerAppearances Over Time
Podcast Appearances
You mentioned a couple of factors.
Everybody mentions interest rate differentials, Fed policies.
Those don't actually matter.
They matter in certain situations like the U.S.
dollar versus the Canadian dollar.
But you look at, say, for example, the Japanese yen versus the U.S.
dollar.
The Japanese, the Bank of Japan is raising rates.
JGB yields are going up.
At the same time, U.S.
rates are going down.
And the yen is weakening.
The yen is weakening by a lot.
And there are actually a lot of currencies around the world that are actually weakening by a lot against the U.S.
dollar.
What does that actually mean?
What does the U.S.
dollar actually tell us?
It's not about interest rate differentials.
It's about monetary flows.