FED Reports No Intervention May-June-July Data Reveals


The May-July period was the first three months in which U.S. monetary authorities did not intervene in the foreign exchange market to affect the dollar's value since the three months of August through October 1986, according to the Federal Reserve Bank of New York.

Although Sam Cross, executive vice president in charge of the Foreign Group at the Fed and manager of Foreign Operations for the System Open Market Account noted at the quarterly press conference that "this does not mean we're out of

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