The Dollar's Strength in the First Half of the Year

Right now markets are more myopically focused on short-term interest rate differentials than I can remember them in the foreign exchange market. In the long run though, if you've got a really lousy growth in flake and trade-off, which is what we've got, you have to get rates up a lot. So that this time next June when the sun's shining in Sweden, I'm on a boat outside stock on with my feet up and a glass of beer in my hand having loads of fun at today's exchange rate because it'll be completely different by then.

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