Posted on 03/18/2011 7:07:31 AM PDT by Bigtigermike
WASHINGTON (AP) -- The New York Federal Reserve Bank confirmed that it intervened in currency markets on Friday for the first time in more than a decade.
The disclosure came a day after the Group of Seven major industrialized nations pledged in a statement to join in a coordinated effort to weaken the Japanese yen. The yen has surged in the last week to post-war record levels following the Japanese earthquake and tsunami.
(Excerpt) Read more at hosted.ap.org ...
I think we have Ron Paul to thank for the Fed coming clean on this. We still need more transparency at the Fed.
You mean buying debt with debt, with debt, with debt and giving billions to banks was not an intervention. Lean something new everyday.
wth?
why are they so afraid of a strong yen?
Well, one could certainly read that as this is the first time in a decade where the FED admitted that they intervened. How many times did they intervene where they did not admit to it?
Cost of imports? Affect on the dollar?
High import costs are good...means less jobs get outsourced overseas and our products are cheaper there than their own domestically produced products.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.