Alan Greenspan has weighed in on Donald Trump’s “strong dollar” comments.
CNBC’s Sara Eisen asked the former Federal Reserve Chairman in an interview what he thought when he heard the US President warn that the dollar is too strong and that it’s hurting America.
“I turned off my hearing aid,” he replied.
Asked whether he thought Trump might be able to talk down the dollar, he argued the US currency’s central role in the global financial system meant Trump’s statements wouldn’t have much effect.
“Let’s put it this way. The dollar is the international currency in which all the forces of global finance converge and set the price,” he said. “Nobody’s going to talk it up or down — whether it’s the president of the United States or any person you want to choose.”
Last week, Trump said in an interview with the Wall Street Journal, “I think our dollar is getting too strong, and partially that’s my fault because people have confidence in me.” Treasury Secretary Steven Mnuchin later said in an interview with the Financial Times that Trump is “absolutely not” trying to talk down the strong dollar.
The greenback jumped to a 13-year high after the November election but has since given back some of its gains.
The US dollar index was down 0.3% at 99.52 as of 12:03 p.m. ET.
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