It's a maxim for private investors: Don't fight the Fed.
FILE PHOTO: Currency signs for the Japanese yen, the euro and U.S. dollar on a board outside a currency exchange office at Narita International airport, near Tokyo, Japan, March 25, 2016. REUTERS/Yuya Shino/File Photo
“Domestic monetary policy transmission is imperfect and as a consequence, emerging markets’ monetary policy actions designed to limit exchange rate volatility can be counterproductive,” Sebnem Kalemli-Ozcan, a University of Maryland economics professor, wrote in a paper presented at the Fed’s annual central banking conference in Jackson Hole, Wyoming.
That sort of breakout “currency war” is just what the world doesn’t need, the International Monetary Fund cautioned on Tuesday.
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