The Minutes of John Williams on dollar https://minutesof.com/john-williams/on/dollar/ Everything John Williams has said on dollar: 7 verbatim quotes, each with a timestamp and a link to the recording it came from. en Sun, 30 Aug 2026 16:23:02 +0000 Williams reports fund managers say higher U.S. asset returns are discouraging diversification away from the do https://minutesof.com/q/be46e731-9a2e-4904-ae43-a1661667cd9e/ https://minutesof.com/q/be46e731-9a2e-4904-ae43-a1661667cd9e/ “Fund managers have also noted that higher relative returns offered by U.S. assets are discouraging diversification away from the U.S. dollar in global currency and asset allocation.” — NY Fed speeches dollar Williams says fund managers increased FX hedge ratios on U.S. holdings during April dollar depreciation. https://minutesof.com/q/4d870fe8-d92c-4c15-bcab-4344b77524d1/ https://minutesof.com/q/4d870fe8-d92c-4c15-bcab-4344b77524d1/ “Some global fund managers increased the FX hedge ratios of their U.S. asset holdings, particularly amid the notable dollar depreciation in April.” — NY Fed speeches dollar Williams asks how payment technology and digital asset adoption affect the dollar's international reach. https://minutesof.com/q/c9f5a679-0538-4cdc-b754-8bf9ba246f92/ https://minutesof.com/q/c9f5a679-0538-4cdc-b754-8bf9ba246f92/ “How do changes in payment technology and digital asset adoption alter the dollar’s international reach?” — NY Fed speeches dollar Williams describes unusual April 2025 dollar depreciation alongside rising Treasury yields and falling equitie https://minutesof.com/q/27748950-6cd9-4b8c-9305-9cab78879ba0/ https://minutesof.com/q/27748950-6cd9-4b8c-9305-9cab78879ba0/ “Amid elevated uncertainty in U.S. trade policy last April, we observed unusual price action: the dollar depreciated while Treasury yields rose and equities declined.” — NY Fed speeches dollar Williams says dollar weakness in 2025 reflected higher hedging ratios, not actual asset sales by foreigners. https://minutesof.com/q/3f45d2ae-c396-40bc-a170-ccf966240292/ https://minutesof.com/q/3f45d2ae-c396-40bc-a170-ccf966240292/ “Anecdotal reports, supported by jurisdiction-specific measures, indicate that some foreign investors raised the hedge ratios on their U.S.” — NY Fed speeches dollar Williams argues dollar weakness reflected hedging mechanics rather than fundamental reassessment of U.S. asset https://minutesof.com/q/fc3384c8-3342-4dd6-bb41-8ecbcdc41d64/ https://minutesof.com/q/fc3384c8-3342-4dd6-bb41-8ecbcdc41d64/ “Understanding this distinction is critical because it suggests that the dollar's weakness stemmed largely from the mechanics of how hedging flows transmit through the FX market, rather than from a sudden shift in asset allocation.” — NY Fed speeches dollar Williams says recent evidence suggests hedging activity driving dollar weakness may have plateaued. https://minutesof.com/q/f697e83f-438b-4f9c-b085-5e953499f2a6/ https://minutesof.com/q/f697e83f-438b-4f9c-b085-5e953499f2a6/ “Recent evidence suggests this hedging activity may have plateaued, but it reinforces the need for consistent engagement with market participants to better understand shifts in trading activity that can have broader implications for the value of a currency and the FX market in general.” — NY Fed speeches dollar