Jeff Snyder

Couple of notable exceptions, the Euro as well as the Chinese Yuan.

But for most major currencies, the dollar is actually going higher and they're going lower, which again is not a good sign.

It means financing conditions are tightening all over again.

So there is a lot of misconceptions about what the dollar is actually signaling.

As far as its impact on the US economy,

There's this old economics textbook narrative about beggar thy neighbor.

You're cheap in your currency, it makes your exports cheaper to sell overseas, right?

That doesn't actually happen.

When we see the dollar go up, it usually means that demand is weak overseas to begin with.

So even if it's cheaper to sell stuff overseas, when the dollar goes down, it's not actually a good thing anyway.

It means that global economic circumstances in very broad terms are less than ideal and getting worse.

So there's a lot of misconceptions when it comes to the dollar.

Liberation Day.

That's a big issue, too, is that they want to make a politics out of this, right?

Every time the dollar – if the dollar goes down by a little bit and it's, oh, the president is ruining the dollar.

We need to get rid of Trump because he's done – the Treasury market is blowing up because Trump is doing this and doing –

You've got to separate the politics from the actual.

The reason why this is a big issue and the reason why it comes up is there's hysterics about the politics of it, and people naturally are asking the question because you hear all the time, is the world going to ditch the dollar?

And if they do, what is that going to mean for me?

Because if the dollar is ditched, which, by the way, it needs to be,