June 7, 2022, Audio: "Excess inventory isn't the only problem prompting earnings warnings. Consumer spending is softening - and then there’s the strong dollar. Compared to a basket of other currencies, the greenback is up 14% over the past year. That’s recently been cited as a drag on profits by Microsoft and Salesforce. The dollar had been getting stronger for most of the past year, but it really took off a few months ago, according to Harvard economics professor Kenneth Rogoff. “Now that the Federal Reserve is out there raising interest rates, the dollar’s been going up sharply,” he said."
Non-HKS Harvard Author Website - Kenneth Rogoff