Mnuchin Tells IMF He Expects A "Frank And Candid" Exchange Rate Analysis

Tyler Durden's picture

With the Trump administration having gone radio silent in recent weeks on the issue of currency manipulation and whether it sees the dollar, or other currencies, as under- or over-valued, there was a notable if vague update from U.S. Treasury Secretary Steven Mnuchin who spoke to the IMF's Managing Director Christine Lagarde on Tuesday and told her that he expects the IMF to provide "frank and candid" analysis of exchange rate policies.

There was no elaboration of what the apriori US stance was coming into the conversation.

The spokesperson said that in a phone call with Lagarde, Mnuchin also "noted the importance that the administration places on boosting economic growth and jobs in the United States, and looked forward to robust IMF economic policy advice on its member countries and tackling global imbalances."

The readout from the a Treasury Spokesperson of Secretary Mnuchin’s Call with International Monetary Fund Managing Director Christine Lagarde is below:

WASHINGTON – U.S. Treasury Secretary Steven Mnuchin spoke by phone today with Christine Lagarde, Managing Director of the International Monetary Fund (IMF).


In his conversation with Madame Lagarde, Secretary Mnuchin welcomed the key role the IMF plays in promoting global economic growth and stability and in preventing and responding to economic crisis.  He noted the importance the Administration places on boosting economic growth and jobs in the United States, and looked forward to robust IMF economic policy advice on its member countries and tackling global imbalances.  Secretary Mnuchin also underscored his expectation that the IMF provide frank and candid analysis of the exchange rate policies of IMF member countries.

Needless to say, a full transcript of the conversation would have been far more useful for all those wondering if the dollar is set to continue its recent growth spurt or if Mnuchin hinted that Trump would be happier with a lower dollar going forward.

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froze25's picture

Ehh.... As long as they use the words "Robust" "organic growth" and other popular meaningless buzz words/pharses in their report I will be happy /s

mtl4's picture

I'm sure Trump wants a lower dollar for exports but the problem is you can't normalize rates and get lower dollars at the same time.........try it and see what the markets have to say about it.   Euro collapse will only serve to make things worse later.

froze25's picture

Every country, including the US in engaged in currency manipulation through central banks via the interest rate overnight target, every single one. The manipulation is quite Robust.

SWRichmond's picture

By hosting the global reserve currency the US is doomed to trade deficits.  By definition.  Exchange rates are set against USD in order to maintain that imbalance.  By definition.

TheABaum's picture

Stupid fucking troll.

That is site virtually defines fake news. 


la0508's picture

Don't overreact. That site looks like satire. It can't be for real! Someone's pulling somebody's leg.

Paul Kersey's picture

Goldmanite Mnuchin, George Soros' partner in the IndyMac scam that raked in billions of taxpayers' dollars for those insider thieves. This is the same Mnuchin who, when asked to show his business dealings, pre-confirmation, neglected to "disclose he was a director of an offshore business vehicle domiciled in the Cayman Islands and owned more than $100 million in real estate". Mnuchin is most likely not the kind of bankster who took high public office in order to make life better for the American public. That kind of bankster is as common as a unicorn.

Logan 5's picture
Logan 5 (not verified) Paul Kersey Feb 21, 2017 6:56 PM

LEGO BATMAN Producer...


Nuff said

HalinCA's picture


silverer's picture

Obama was on it 100%. At the golf course.

SomethingSomethingDarkSide's picture

Someone shoot Mary Jo White in the face for Treason and Grand Theft.. SEC is a fucking joke of a watch dog.  Mnuchin vs. White is a phone call transcript I'd enjoy reading.

BandGap's picture

I don't know what to make of Mnuchin but he was pretty sharp in his hearings and asking La Garde what the fuck is up are good things.

silverer's picture

We all know about Goldman Saks. Yuk. But I hope Mnuchin redeems himself as a hero, kicks some ass, and maybe even gets to skip hell. Don't let us down!

BigFatUglyBubble's picture

I don't think bonesmen generally get to skip hell.   

edifice's picture

Munchkin and his GS buddies will be Satan's torture dolls, in the 7th level.

Chippewa Partners's picture

Frank and candid? This from the squidster who just happened to forget $100 Million of assets on his financial disclosures to Trump?

Donald J. Trump's picture

Yeah, who is this Frank and Candid anyways.

MarcusAurelius's picture

Exactly why is this necessary when countries do what ever they want to anyway. Tell me what market is (or perhaps ever has been) based on sound fundamentals. Even the Bond markets are controlled. So what does it matter. You just have to figure out the boondoggle to make money. 

barysenter's picture

Well Mr. Mnuchin, if you want that you're going to have to do it yourself. First you have to get the real data.

onwisconsinbadger's picture

the Cour de Justice de la République, a French court that considers cases against current and former government ministers, found Ms. Lagarde guilty of criminal charges linked to the misuse of public funds when she was France’s finance minister nearly a decade ago. But the court did not impose a fine or a sentence.

why is Mnuchin talking to her ? Sad !!!!!

la0508's picture

Because she's a criminal AND the Managing Director of the IMF?

la0508's picture

Maybe the libs are right--we shouldn't talk to Putin either because he's a "thug"!

B1G mNy's picture

Go get em Steve! Stop China from manipulating their currency. We can continue business as usual.

WillyGroper's picture

twitchy got some great expectations.

either blustery jawboning or he needs peck'n order review.

no doubt la'orange is quacking in her strap-on.

JailBanksters's picture

And good luck with that.

Not sure I want to trust or believe somebody convicted of Misconduct, Fraud and Misuse of Public Funds though.


la0508's picture

You can talk to anybody without trusting them. Trust is optional, and often ill-advised.

JailBanksters's picture

I think i'd sooner trust Richard Nixon than either of those.

Atomizer's picture

No one bothered to head over to IMF today. 

IMF Videos - SeminarThe Shifting Global ...

Press on 

Seminar- The Shifting Global Economic and Political Landscape: Integration or Fragmentation? (Berlin)


Atomizer's picture

I renamed it as Dick Grap aka DGAP. 

Atomizer's picture

Shaken and not Stired. A panel of martini alcoholics who are a AA membership closet victims. 

Atomizer's picture

Fuck G20 and NGO, United States doesn't need you. 

Atomizer's picture

On the fence with Ian. He provided some good punches. Then failed heavily. We was the best out of Darwin IMF panel. 

In.Sip.ient's picture

LOL, I'd say we all see what is pretty obvious.


Everyone is busy doing competitive devaluation

and now the Trump administration is calling

them out on it.


Yeah, I know, a pretty futile and silly position

to take, except...


...except, it gives you the leeway to impose

a "currency imbalance correction tarriff",

otherwise known as a border tax to

compensate for the competitive disadvantage.


I'll ignore the fact that as with any "tax" the

beneficiary is, of course, the gov'ts income stream.




Atomizer's picture

David Lipton is a complete twat. 

Atomizer's picture

Ian, you should of mentioned that Chinese needs to bring back toxic dry wall. 

Atomizer's picture

Oh oh, open floor discussion. Please don't ask any questions about Greece. 

Atomizer's picture

Ian hit at 107m. Agroithm discussion. 

Bopper09's picture

Correct me if I am incorrect, but Lagarde was found GUILTY, criminal negligence? no?  Not that her still being with the IMF surprises me, but, um, but, ok.  Please, someone explain to me rule of law when it comes to anyone involved with the banking system, other than a small fine for absolute proof and admission of guilt (Doosha Bank).

Christine, have fun in the pit when your survival rate drops to zero, bitch.

Dode415's picture

So has trumpy found out if a strong or weak dollar is best - once the idiot has made up his mind then you can start writing about it :)

Manipulism's picture

I think to be criminal is a requirement to be head of IMF or Treasury Sec.