Fed Admits Conducting 'Extremely Rare' Dollar-Yen 'Rate Check' On White House Request

The Federal Reserve on Wednesday acknowledged performing a “rate check” on the dollar-yen exchange rate for the White House, hinting at possible active intervention in the currency markets. The Fed's January meeting minutes show that private market participants had expected the dollar to continue weakening this year. However, stronger-than-anticipated performance in the U.S. economy has cooled those projections. Meanwhile, the dollar has been steadily appreciating against the yen, moving closer