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Federal Reserve officials also appear nonplussed at this time, with Cleveland Fed President Loretta Mester on Thursday saying she sees nothing in US market functioning that would derail the US central bank’s efforts to contain inflation through stiff interest rate increases. Coordinated interventions have been reserved for only the most acute crises in recent years, and the policy divergences sharply reduce their chance of success, said Mark Sobel, a former US Treasury and International Monetary Fund official who is US chairman of the London-based OMFIF financial think tank.
US Commerce Secretary Gina Raimondo said on Wednesday that Britain’s plan was “an unanticipated, significant move,” and it was clear that markets demanded predictability. Asked whether the Biden administration was trying to persuade Britain to take the IMF’s advice and moderate its fiscal plans, a White House official said: “We continue to engage with the United Kingdom and other international partners on global economic developments.”
The concerted rise in the dollar that prompted the Plaza Accord was accompanied by strong complaints from US industry, labor groups and farmers who argued that it was making US exports and manufacturers uncompetitive, especially Detroit’s automakers. That level of outcry has not happened this time, and the strong dollar has so far not caused widespread damage to US exports.
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