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Investing.com -- Federal Reserve Bank of Cleveland President Beth Hammack stated Thursday that the weakening of the U.S. dollar this year does not appear to be a cause for concern.
Speaking at a Pittsburgh Economic Club event, Hammack addressed recent attention given to the dollar’s performance.
"I think there’s been a lot that’s been made about the U.S. dollar and some of the weakening that we’ve seen over the course of this year," Hammack said.
She emphasized that the currency’s recent movement should be viewed in context, noting that "it’s important to remember that we started from a place of extreme dollar strength, and so the weakening that we’ve seen this year has largely brought us more in line with a lot of theoretical fair valuations of the currency relative to other currencies."
Hammack also indicated that while the dollar’s value is discussed, it is not a primary factor in the Federal Reserve’s policy decisions.
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