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Bono and O'Neill in Ghana

What Happened to the Strong Dollar?

For some reason Paul O'Neill looks cooler when he's hanging out with Bono than when he's talking about monetary policy. But what the U.S. Treasury Secretary suggests about the dollar matters a lot, because it affects all those things — trade, aid, the economy — that his trip with Bono to Africa is about. As the dollar hit five-month lows against the yen and slouched to around 92 to the euro, it became clear that O'Neill had abandoned the Clinton Administration's strong-dollar policy to let the markets rule. A...

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