Question
The US Federal Reserve has announced an increase in
interest rates to combat rising inflation. This has led to an appreciation of the US dollar against other major currencies. What is the likely impact of the US dollar appreciation on the current account balance of the United States?Solution
When the US dollar appreciates, US exports become more expensive for foreign buyers, and imports become cheaper for US consumers. This leads to a decrease in exports and an increase in imports, worsening the current account balance.
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