Macro Minutes: Inflation and USD Movement

In November’s short Macro Minutes video, Capital Markets Research Analyst Brent Hankins discusses what today’s environment means for inflation and the US dollar.

Key Points

  • Recent central bank intervention has kept interest rates low, while inflation expectations have normalized.
  • Fears of a rapidly rising inflation tied to recent increase in money supply appear overblown given the velocity of money likely remains weak.
  • Year to date USD movement appears to be primarily sentiment driven – appreciating in the downturn as investors sought safe havens and depreciating in the recovery as sentiment improves.


*The foregoing information constitutes the views of Fisher Investments based on information believed to be reliable. There can be no assurances that Fisher Investments will continue to hold these views. These views may change at any time based on new information, analysis, or reconsideration.
About Fisher Investments

Founded in 1979, Fisher Investments is an independent, fee-only investment adviser with $197 billion under management.* Fisher Investments maintains four principal business units, Fisher Investments Institutional Group, Fisher Investments Private Client Group, Fisher Investments 401(k) Solutions Group and Fisher Investments Private Client Group International, which serve a global client base of diverse investors. The clients of Fisher Investments and its affiliates include over 100,000 clients. Founder and Executive Chairman Ken Fisher’s “Portfolio Strategy” column for Forbes ran from 1984 through 2016, making him the longest continually running columnist in the magazine’s 90+ year history. He has also authored several New York Times bestsellers on finance and investing. (*As of 3/31/2022)