# The Fed - Monetary Policy and Exchange Rates during the Global Tightening

> A Federal Reserve FEDS Note by Emre Yoldas examines whether surprise changes in policy rates explained currency movements against the dollar during the global monetary tightening that followed the post-pandemic inflation surge. It finds that exchange rate moves on average are not consistently aligned with survey-based interest rate surprises, and it considers the role of global risk appetite.

- Date: 2024-05-10 · published 2024-05-10T12:00:00.000Z
- Category: macro · region Global · magnitude low
- Page: https://feedsoft.ai/events/30140-the-fed-monetary-policy-and-exchange-rates-during-the-global-tightening
- Commodities: [US Dollar (Broad)](https://feedsoft.ai/c/DXY.md)

## Why it matters

Currency swings against the dollar shape the cost of imported feed ingredients and the competitiveness of exporters, but this research is analytical background with no direct new shock to grain or meal prices.

## Read by commodity

- DXY: neutral

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| DXY | 2023-12-10 | [Last US FOMC of the Year in Focus... Impact on Exchange Rates and Korean Monetary Policy - The Asia Business Daily](https://feedsoft.ai/events/32966-last-us-fomc-of-the-year-in-focus-impact-on-exchange-rates-and-korean-monetary.md) | -0.8% | -0.9% |
| DXY | 2019-11-21 | [Account of the monetary policy meeting](https://feedsoft.ai/events/56279-account-of-the-monetary-policy-meeting.md) | +0.3% | -1.1% |
| DXY | 2019-09-22 | [Markets swing on trade and monetary policy](https://feedsoft.ai/events/57273-markets-swing-on-trade-and-monetary-policy.md) | +0.5% | -1.0% |
| DXY | 2020-02-28 | [Richard H Clarida: US economic outlook and monetary policy](https://feedsoft.ai/events/54504-richard-h-clarida-us-economic-outlook-and-monetary-policy.md) | -0.5% | +4.3% |
| DXY | 2019-03-06 | [Exchange & Interest Rate Forecasts For Euro, Dollar And Pound Sterling: ING](https://feedsoft.ai/events/60348-exchange-and-amp-interest-rate-forecasts-for-euro-dollar-and-pound-sterling-ing.md) | +0.1% | +0.3% |

## Sources

- federalreserve.gov: https://www.federalreserve.gov/econres/notes/feds-notes/monetary-policy-and-exchange-rates-during-the-global-tightening-20240510.html

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.