The Weekly Fix: Fed Puts Weight of the World on its Shoulders

Welcome to the Weekly Fix, the newsletter contemplating a Federal Reserve disowning an “America First” doctrine. –Luke Kawa, Cross-Asset Reporter

Richard Nixon’s Treasury secretary John Connally is famously credited for telling foreign policy makers that the U.S. dollar was “our currency and your problem.”

Nowadays, it's more like "foreign affairs are America's problem," and a cheaper dollar is the world's solution. Federal Reserve Chairman Jerome Powell this week highlighted slow global growth and uncertainty surrounding trade policy in explaining a monetary-policy pivot that exceeded analysts’ expectations for its dovishness.