Federal Reserve

Founded in 1913, the Federal Reserve is the central banking system for the United States.

People wait at a currency exchange shop in Istanbul on August 15. The Turkish lira has nosedived in value in the past week, but some Turks are reacting with defiance to their plunging currency and an escalating trade and political dispute with the United States. Photo: AP

Forget the trade war – worry about the strong US dollar

The strength of the US currency is bad news for economies with large trade deficits, budget problems or – like Turkey – enormous foreign borrowings. If the strong dollar continues, a global slowdown can’t be ruled out.